Oil Prices Surge Nearly 2% Following U.S. Strikes on Iran
Oil prices jump nearly 2% after US attacks Iran again
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Oil prices increased by nearly 2% after the U.S. conducted a second attack on Iran this week, raising concerns about ongoing tensions and the potential impact on oil supply through the Strait of Hormuz. Brent crude reached $96.03 per barrel, while West Texas Intermediate hit $90.36 per barrel amid fluctuating market sentiments.
- 01Brent oil futures rose 1.9% to $96.03 per barrel, and West Texas Intermediate increased by 1.9% to $90.36 per barrel.
- 02The U.S. military conducted a second strike on an Iranian military site, which was framed as an act of self-defense.
- 03President Donald Trump dismissed reports about Iran reopening the Strait of Hormuz for commercial shipping within 30 days.
- 04Previous expectations of a peace deal between the U.S. and Iran have diminished following Trump's comments, affecting market confidence.
- 05The closure of the Strait of Hormuz continues to disrupt about a fifth of global oil supplies, with shipping flows remaining low.
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Oil prices experienced a significant rise of nearly 2% in early Asian trading on Thursday, following a second U.S. military strike against Iran this week, which has heightened market tensions. Brent crude futures surged by 1.9% to reach $96.03 per barrel, while West Texas Intermediate crude also rose by 1.9%, hitting $90.36 per barrel. The U.S. military's actions were characterized as self-defense, despite ongoing claims of a ceasefire with Iran. This escalation comes amidst skepticism surrounding a potential peace deal, especially after President Donald Trump rejected the idea of Iran reopening the Strait of Hormuz for commercial shipping within a month. Although there have been some optimistic comments from U.S. officials regarding negotiations, significant disagreements remain over Iran's nuclear activities and the control of the Strait. The previous day's trading saw oil prices fall sharply, reflecting market reactions to the evolving situation and the impact on global oil supply, particularly as the closure of Hormuz disrupts a substantial portion of oil shipments worldwide.
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The rise in oil prices could lead to increased fuel costs for consumers and businesses, impacting transportation and overall economic activity.
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