Oil rises as US strikes on Iran raise fears over shaky truce
Oil prices climbed more than 7% as U.S. strikes on Iran and a revoked sanctions waiver renewed fears of supply disruption.
- On Wednesday, President Donald Trump declared peace negotiations with Iran 'over' during a NATO summit in Ankara, Turkey, after the U.S. military struck over 80 targets in Iran.
- The White House and Tehran had signed a memorandum of understanding in June initiating a 60-day negotiation process, but the two nations resumed exchanging strikes this week despite hopes for peace.
- In retaliation, Tehran struck 85 U.S. military targets in Bahrain and Kuwait, while Brent crude, the international oil benchmark, rose more than 3 percent on Wednesday as oil prices surged.
- Trump bitterly referred to Iran's leadership as 'scum,' telling reporters, 'They're led by sick people, and they're vicious, violent people,' and claiming they would use nuclear weapons if available.
- Amanda McGonigle, an Instagram content creator with nearly two million followers, is suing the Secret Service after being banned from a Maine event for Vice President JD Vance, with the ACLU of Maine defending her First Amendment rights.
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The crude had already flown away on Wednesday, increasing by more than 5% when the US president had estimated that the cease-fire was no longer holding, after exchanges of strikes. ...
On July 9, oil prices rose more than 1% after the United States struck new strikes on Iran, dampening hopes for talks to end the war and the full opening of the Strait of Hormuz.
Crude Oil Price Surge: The US-Iran war has escalated, and reports of attacks are pouring in. This has directly impacted the rise in crude oil prices, which have reached close to $80 per barrel.
Business Recorder
Emirates24|7Oil rises after US launches fresh strikes against Iran
BEIJING: Oil prices rose on Thursday after the US launched fresh strikes against Iran, denting hopes for an end to the Iran war and for the full reopening of the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies. Brent crude futures rose 78 cents, or 1% to $78.8 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures were up 74 cents, or 1.01%, at $74.26 a barrel. Both crude benchmarks, WTI and Brent, rose…
Washington bombed more than 80 targets in Iran, advanced the veto to Tehran’s crude oil sales and threatened the Strait of Ormuz. Brent responded to the rise and the US strategic reserve reaches its lowest level in four decades.
Brent Crude Crossed USD 79 as Fresh US Strikes on Iran Fuel Supply Fears
Get latest articles and stories on Business at LatestLY. Brent crude prices surged sharply on Thursday, reaching USD 78/barrel following the fresh US strikes on Iran and renewed concerns over supply disruptions in the Middle East. Business News | Brent Crude Crossed USD 79 as Fresh US Strikes on Iran Fuel Supply Fears.
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