Crude Oil Prices Rise Over 2% Amid US-Iran Tensions
Summary
Crude oil prices jumped more than 2% after US strikes on Iran and Iranian retaliation heightened tensions in the Middle East. Brent and WTI both rose sharply as concerns grew over disruptions to the Strait of Hormuz, a key route for global oil shipments.
Key Points
- Brent crude rose 2.51% to $90.31 per barrel, while WTI climbed 2.19% to $85.23 per barrel.
- Prices surged after US attacks on Iran's Larak Island and Iran's retaliatory strikes on US bases in Jordan.
- Market watchers said uncertainty over the Strait of Hormuz is likely to keep crude in the $85 to $95 range.
- US-Iran negotiations remain stalled, adding to concerns about further escalation.
