Oil Prices Stabilise After Renewed US-Iran Strikes Rock Peace Hopes
Brent crude climbed 6.3% to $78.80 a barrel as traders weighed attacks on ships in the Strait of Hormuz and US strikes on Iran.
- On Wednesday, President Donald Trump declared the interim agreement with Iran "over," triggering oil prices to surge more than 6 percent amid fresh inflation concerns.
- Trump ordered fresh strikes against Tehran following attacks on three ships in the Strait of Hormuz, warning of "much worse" consequences if vessels remain targeted.
- The price of Brent crude jumped 6.3 percent to $78.80 a barrel, while United States benchmark crude surged 6.4 percent to $75.
- Neil Wilson at Saxo Markets noted the remarks "set sparks flying," underscoring escalation fears, though Trump suggested he expects the flare-up to end quickly.
- Geopolitical headlines will likely determine market sentiment over the coming hours as the region navigates a return to pre-MOU conditions, leaving investors vigilant for further Middle East flare-ups.
15 Articles
15 Articles
Oil prices stabilise after renewed US-Iran strikes rock peace hopes
Oil prices fell on Thursday after a surge the previous day triggered by US President Donald Trump's declaration that the ceasefire with Iran was "over" following the country's renewed attacks on ships in the Strait of Hormuz. Trump later said that he expected the latest military flare-up to end quickly and left the door open to more talks.
After attacks on cargo ships, the US is increasingly attacking Iran. The US President is losing patience. That hits the markets hard.
Oil prices jump over 6%
Bangkok, Jul 8: Oil prices surged more than 6 percent after US President Donald Trump said Wednesday that the interim agreement with Iran is “over,” though he will allow talks to continue. Trump made the comments following US strikes on Iran in reaction to attacks on three ships in the Strait of Hormuz. The price of Brent crude oil jumped 6.3 percent to USD 78.80 a barrel. US benchmark crude surged 6.4 percent to USD 75 a barrel. “For me, I thin…
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