Oil prices rise after US and Iran exchange fire in Hormuz strait
Brent crude rose 2.3% as the US said it intercepted Iranian missiles, drones and boats in the waterway, testing the ceasefire.
- On Friday, oil prices rose as the United States and Iran exchanged fire in the Strait of Hormuz, with Brent crude climbing 1.3 per cent toward $103 a barrel.
- Iranian forces targeted three US destroyers with missiles and drones on Thursday, prompting retaliatory strikes on military facilities near Bandar Abbas and Qeshm Island.
- Marija Veitmane of State Street Markets noted that "despite ongoing hostilities and still-elevated oil prices, markets are pricing a limited duration," with buying activity shifting toward Asia and America.
- President Donald Trump downplayed the clashes on Thursday, asserting the ceasefire remains in effect while warning on Truth Social that the US would "knock them out a lot harder" if needed.
- The US is seeking United Nations backing for a resolution condemning Iran's blockade of the strait, though it faces likely vetoes from Russia and China, while Tehran has established a new regulatory authority.
40 Articles
40 Articles
BREAKING: Iran Ignites Tensions As U.S. Strikes Back In Strait Of Hormuz
The escalating tensions between the United States and Iran over the Strait of Hormuz highlight a critical geopolitical flashpoint. The strait is not just a passage for vessels; it is a lifeline for approximately one-third of the world’s oil supply. The precarious nature of this situation is underscored by Iran’s aggressive maneuvers, which include missile and drone strikes targeting both American naval assets and the United Arab Emirates. Report…
Trump warns of “one big glow” as U.S. and Iran clash in Strait of Hormuz
The U.S. and Iran exchanged strikes in the Strait of Hormuz, risking collapse of their fragile ceasefire. Trump warned of devastating retaliation if Iran refuses a deal, while Iran vowed defiance and stronger responses. Both nations accuse each other of violating the ceasefire, with attacks on warships, oil tankers, and civilian areas. Global oil prices […]
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