Crude Oil Prices Rise Over 2% Amidst US-Iran Tensions
Summary
Crude oil prices surged over 2 percent due to renewed US-Iran tensions after Iran targeted a US military base in retaliation for a US attack near the Strait of Hormuz.
Key Points
- Crude oil prices rose over 2 percent amid renewed US-Iran tensions.
- Iran's Revolutionary Guards targeted a US military base in retaliation for an attack near Bandar Abbas port.
- Brent crude futures increased to $96.67 per barrel; WTI futures rose to $90.92 per barrel.
- US crude oil reserves fell for the sixth consecutive week, decreasing by 2.8 million barrels.
