Escalating US-Iran Tensions Push Oil Prices Higher
- On Thursday, oil prices climbed after American forces launched a "heavy wave" of strikes against Iran late Wednesday, retaliating for missile attacks and dashing hopes for de-escalation in the Middle East.
- The resumption of strikes marks a pivot in a conflict that has whipsawed oil markets and disrupted shipping through the Strait of Hormuz, following a two-week ceasefire intended to give peace talks "space."
- Brent crude futures gained 1.5% to $92.10 a barrel, while West Texas Intermediate advanced 0.9% to $85.23, as Centcom described the operation as a "powerful response" to Tuesday's attempted Iranian attacks.
- Trump told Fox News early Wednesday, "They're going to get a beating," while the Islamic Revolutionary Guard Corps threatened further escalation in response to the American strikes.
- Traders are looking ahead to Sunday's OPEC meeting, where producers may announce a 188k barrel-per-day supply increase, though ING strategists warned of "potential for pushback on output quotas" through 2027.
30 Articles
30 Articles
The war in Iran is once again leading to higher inflation. Statistics Netherlands (CBS) calculated that it will reach 3.1 percent this month. In June, inflation was still 2.9 percent. These are increases compared to the same month a year ago. Prices have therefore risen by more than 3 percent in a year's time. Oil price The fact that inflation is now higher than last month is almost entirely due to the higher oil price. "At the end of June, th…
Oil prices hold steady as Iran war expands
Oil prices held steady on Thursday, despite renewed attacks between the US and Iran and the first drone strike of the war in Egypt. The suspected drone attack led two ships — a US-owned gas storage tanker and a Greek-operated LNG carrier — to catch fire at Egypt’s Mediterranean port of Damietta on Wednesday. Two Iranians told The New York Times the strike was designed to show how much further global shipping and energy supplies could be disrupte…
BP set to axe 700 jobs to 'build stronger' business as oil prices surge
BP is planning to cut around 700 jobs as part of its global workforce amid the ongoing US-Iran war, which has seen oil prices surge dramatically.It is understood that the oil giant is preparing to move its business focus to profits and returns after a period of volatile market activity.In an email seen by Reuters, the job cuts would affect around eight per cent of BP's 8,500 "non-frontline" positions.These particular roles were historically part…
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