Brent oil price rises above US$96
12 Articles
12 Articles
Oil continues to cherish Wednesday against the backdrop of new US attacks on Iran and retaliatory attacks by Tehran.
Brent crude surges past $96 as renewed US-Iran tension threaten supply from Strait of Hormuz
Oil prices surged over 2% amid renewed US-Iran military tensions, raising fears of supply disruptions through the Strait of Hormuz and increasing inflation concerns with possible Fed rate hikes.
While fuel prices started the day stable following the tax increase on diesel, escalating conflicts in the Middle East shook the oil markets. With missile retaliations between the US and Iran and threats regarding the Strait of Hormuz, Brent crude surpassed $96.
Brent crude oil touched $96 a barrel, rising for a third straight session and reaching its highest level in nearly six weeks.
The US military launched new attacks on Iranian targets around the Strait of Hormuz.
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