US EditionOil Prices Jump 4% as U.S.-Iran Tensions Escalate
Renewed diplomatic tensions between the U.S. and Iran heightened fears of supply disruptions, driving oil prices up about 4%, affecting global crude markets, officials said.
- Global crude markets rose about 2E7% on Wednesday amid U.S.-Iran diplomatic tensions, traders said AFP.
- Tehran's hopes for `lead to a sustainable and negotiated solution` underpin ongoing diplomatic talks affecting oil prices.
- Traders bought crude on fears of supply disruption risk, driving the single-day rise in benchmark crude prices amid diplomatic escalation.
- Higher oil prices raise costs for consumers and businesses and add volatility to financial and commodity markets, feeding into inflationary pressure monitored by market participants.
- Araghchi's hope for a negotiated outcome suggests diplomacy could ease tensions and relieve market pressure if successful, but markets remain sensitive until talks progress.
29 Articles
29 Articles
Oil prices gain over 4% in two days as US-Iran tensions linger: Can they rise more?
Brent crude futures rose 17 cents, or 0.24%, to $70.52 per barrel, while U.S. West Texas Intermediate (WTI) crude advanced 28 cents, or 0.4%, to $65.47 per barrel, during the Asian trading hours.
Oil prices rose on Thursday, following a more than 4% increase in the previous session, as investors monitored diplomatic efforts between the United States and Iran, despite intensified military activity in key oil-producing regions.
Oil Prices Steady After Sharp Rise
Oil prices have steadied after experiencing their most significant daily gain since October, triggered by reports suggesting potential near-term American military intervention in Iran. Brent crude maintained a position above $US70 a barrel, following a 4.3 per cent increase on Wednesday. West Texas Intermediate also traded above $US65. The surge followed an Axios report indicating that any US military operation would likely span several weeks, w…
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
