Oil Prices Rise for 4th Day as US Strikes on Iran Raise Fears of Wider Conflict
Brent crude rose 0.4% to $85.28 a barrel as traders priced in supply risks from renewed conflict and tighter flows through key shipping routes.
- On Thursday, oil prices climbed for a fourth consecutive day after a new wave of United States strikes on Iranian military installations fueled fears of supply disruptions in the Strait of Hormuz.
- The United States struck Iranian coastal defenses and missile sites on Wednesday after reimposing a naval blockade, while Iran threatened to cut energy exports, claiming it was engaged in an "existential war" with America.
- Crude inventories fell by 1.7 million barrels in the week to July 10, the Energy Information Administration reported, missing the 2.6 million-barrel draw analysts had expected.
- Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, said West Texas Intermediate could rise to "$85–$87 depending on how the conflict develops," though full-scale war remains unlikely.
- Goldman Sachs projected Brent could exceed $110 if Gulf export recovery stalls, though prices could fall into the $60s by year-end if tensions ease and production recovers faster than expected.
24 Articles
24 Articles
Oil falls as market assesses consequences of renewed US strikes on IranBrent crude futures fell 0.28% to $84.95 a barrel as traders assess risks of supply disruptions through the Strait of Hormuz following US strikes on Iran.
The oil market remained calm on news of new armed clashes, but the price of refined products soared. There are surprising developments in the background.
Oil continues to grow after US-Iran mutual attacks, and further escalation can raise the price of WTI to $85-87 per barrel.
Oil prices on global markets are falling after three sessions of gains. Investors continue to closely monitor the situation in the Middle East, where the US-Iran conflict has entered a new phase of conflict.
Oil prices lower despite US intensifying strikes against Iran – UK Times
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails Oil prices were lower early Thursday but were still at elevated levels as the US intensified its strikes against Iran, while Iran targeted missile and drone fire on Kuwait and Bahrain. Brent crude, the international standard, dropped 0.4 per cent to $84.55 a barr…
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