Oil Prices Leap as U.S. and Iran Trade Attacks
Brent and West Texas Intermediate rose as fresh strikes rattled ceasefire hopes, while analysts said a Strait of Hormuz deal could still ease prices.
- Oil prices rose toward $100 per barrel on Wednesday following the latest flare-up in fighting that threatens the United States-Iran ceasefire, as military strikes escalated between the two nations.
- Following Iranian missile launches toward Kuwait and Bahrain, the United States military struck an Iranian ground control station on Qeshm Island, escalating the cycle of attacks.
- Treasury yields climbed to 4.48% amid rising oil prices, forcing the average long-term United States mortgage rate to its most expensive level in nine months.
- On Tuesday, Mohammad Jafar Asadi, deputy head of Iran's central military command, Khatam al-Anbiya, said war resumption seems "inevitable" as Washington "demands our total surrender."
- Financial markets remain hopeful the United States and Iran will ultimately reach a deal to reopen the Strait of Hormuz, which would improve the global flow of crude oil.
15 Articles
15 Articles
The Toronto Star
Oil prices climb back toward $100, and US stocks halt their record-breaking rally
NEW YORK (AP) — Oil prices are rising Wednesday following the latest flare-up in fighting to threaten the U.S.-Iran ceasefire, and U.S. stocks are retreating from their records.
News of the Day and the Hour Latest News of the day The price of oil West Texas Intermediate (WTI) this Wednesday rose 2.4% to 96.02 dollars a barrel, after the new exchange of attacks between the United States and Iran and the Iranian bombings of Washington's allies in the region, while the peace talks continue to jam. At the end of the session, the contracts of futures of West Texas Intermediate (WTI) with expiration in July totaled 2.26 doll…
Oil prices were rising Wednesday after the most recent upsurge in fighting, which threatens the U.S.-Iran ceasefire, while actions on Wall Street stand close to their records.
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