Oil prices have soared as Iran escalates its attacks on Gulf states in the wake of the U.S. attack, threatening energy shipments through the Strait of Hormuz.
Brent crude oil futures rose $3.12 per barrel, or 4.10%, to $79.13 per barrel, and U.S. West Texas Intermediate crude oil rose $2.95, or 4.13%, to $74.36 per barrel.
attacks escalate
The escalation of attacks casts further doubt on the future of an interim agreement between the United States and Iran signed last month that aims to reopen the strait and end the war after another 60 days of negotiations.
As a result of the deal, global oil supplies increased by 4.1 million barrels per day in June last year, but remained about 9.4 million barrels per day below pre-war levels, the International Energy Agency said in its monthly report last Friday.
Oil prices have soared as Iran escalates its attacks on Gulf states in the wake of the U.S. attack, threatening energy shipments through the Strait of Hormuz.
Brent crude oil futures rose $3.12 per barrel, or 4.10%, to $79.13 per barrel, and West Texas Intermediate (WTI) crude oil rose $2.95, or 4.13%, to $74.36 per barrel.
escalation of attack
The escalation of attacks casts further doubt on the future of an interim agreement between the United States and Iran signed last month that aims to reopen the strait and end the war after another 60 days of negotiations.
As a result of the deal, global oil supplies rose by 4.1 million barrels per day in June, but remained about 9.4 million barrels per day below pre-war levels, the International Energy Agency said in its monthly report last Friday.
