Oil Prices Rise for 4th Day as US Strikes on Iran Raise Fears of Wider Conflict
Supply fears lifted Brent and West Texas Intermediate as U.S. strikes on Iranian targets and threats to key shipping routes unsettled traders.
- On Thursday, oil prices climbed for a fourth consecutive day after a new wave of United States strikes on Iranian military installations fueled fears of supply disruptions in the Strait of Hormuz.
- The United States struck Iranian coastal defenses and missile sites on Wednesday after reimposing a naval blockade, while Iran threatened to cut energy exports, claiming it was engaged in an "existential war" with America.
- Crude inventories fell by 1.7 million barrels in the week to July 10, the Energy Information Administration reported, missing the 2.6 million-barrel draw analysts had expected.
- Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, said West Texas Intermediate could rise to "$85–$87 depending on how the conflict develops," though full-scale war remains unlikely.
- Goldman Sachs projected Brent could exceed $110 if Gulf export recovery stalls, though prices could fall into the $60s by year-end if tensions ease and production recovers faster than expected.
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Shafaq News - Oil prices surged to $88 a barrel on Friday evening, the highest level since the renewed US-Iranian conflict. The rise came after the United States and Iran intensified their attacks across the Gulf region, disrupting oil flows through the Strait of Hormuz, while Tehran warned the Houthis to prepare to close the Red Sea export route. The US military announced late Thursday that it had completed its latest wave of attacks on Iran, m…
Brent's benchmark oil rating in Europe today exceeded US$87.5 per barrel, valued at around 4%, at a time when attacks between the United States and Iran are intensifying. West Texas Intermediate (WTI) barrel, the benchmark in the United States, reached US$82.15, also recording an intraday rise of about 4%. In Portugal, the National Association of Fuel Resellers (Anarec) estimates that, if the current market trend continues, diesel will increase …
Crude prices rose by about 2% this Friday, after the U.S. and Iran intensified attacks throughout the Persian Gulf, with shipping threatened by a possible closure of the Red Sea, in addition to restrictions on traffic across the Strait of Hormuz. At 0951 GMT, Brent’s futures earned $1.53, or 1.82%, at $85.76 a barrel, and West Texas Intermediate in the U.S. (WTI) amounted to $1.69, or 2.14%, at $80.64. Both benchmarks have advanced nearly 13% th…
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Oil Prices Rise as U.S.-Iran Conflict Escalates, Raising Fears Over Global Supply Disruptions
Oil prices climbed on Friday as renewed military strikes between the United States and Iran intensified concerns over global energy supplies, with a fragile ceasefire ... The post Oil Prices Rise as U.S.-Iran Conflict Escalates, Raising Fears Over Global Supply Disruptions first appeared on [your]NEWS.
Oil Markets Can't Decide What They're Afraid Of And That's the Real Story
If you'd shown an energy trader in June the price chart for July, they'd have assumed something had gone badly wrong. Brent crude went from grinding toward $70 a barrel, its lowest level since before Iran and the US started trading strikes back in February, to jumping nearly 7% in a single session after Washington resumed bombing runs on Iranian targets just weeks after signing a memorandum of understanding meant to end exactly that conflict. Briefly, Brent topped $80. Then it drifted back down again.
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