Oil prices rose about 7% on the day after renewed airstrikes in the Middle East dashed hopes for an end to the conflict between the US, Israel and Iran, and after data showed US oil inventories dwindling.
Brent crude oil futures rose $5.84, or 6.9%, to $89.93 per barrel, and U.S. West Texas Intermediate crude oil rose $5.34, or 6.7%, to $84.60 per barrel.
Oil prices strengthened after US President Donald Trump promised to launch retaliatory strikes against Iran in an interview with Fox News.
the situation escalated
“In view of the resumption of military attacks in the Middle East and the reduction in oil flows through the Strait of Hormuz, coupled with the Iranian authorities’ confirmation of their intention to restrict shipping traffic through the Strait of Hormuz, oil prices are rising again,” said market analyst Giovanni Stanovo.
“Brent crude oil prices are likely to continue to fluctuate in the $80-$100 per barrel range in the short term as mutual escalation and de-escalation continues in the Middle East,” market analyst Subru Sarkar added.
Oil prices rose about 7% today after data showed U.S. crude inventories dwindling as airstrikes resumed in the Middle East and hopes of an end to the U.S.-Israel conflict with Iran soon dissipated.
Brent crude oil futures rose $5.84, or 6.9%, to $89.93 per barrel, and U.S. West Texas Intermediate crude oil rose $5.34, or 6.7%, to $84.60 per barrel.
Oil prices strengthened after US President Donald Trump promised to launch retaliatory strikes against Iran in an interview with Fox News.
escalating situation
“The resumption of military attacks in the Middle East and the confirmation of Iranian authorities’ intention to restrict shipping through the Strait of Hormuz, amid reduced oil flows through the Strait, are driving oil prices higher again,” market analyst Giovanni Stonovo said.
“Brent crude oil prices are likely to continue to fluctuate within the $80-$100 per barrel range in the short term as the Middle East continues to experience alternating escalations and de-escalations,” added market analyst Sufro Sarkar.
