US EditionOil Prices up Amid Iran Conflict
- Oil prices surged over 2% on June 23 as tensions escalated after Iran's parliament approved closing the Strait of Hormuz amidst regional conflict.
- The conflict escalated when Israel launched strikes on Iran’s nuclear sites, followed by U.S. air attacks, raising concerns about a broader regional war and prompting Iran to threaten retaliation.
- The Strait of Hormuz, a vital passage for about 20 million barrels or a fifth of global oil shipments daily, faces potential disruption that raises market concerns.
- Analysts warn Brent could spike above $100 per barrel if flows through the strait are halted, but some experts say Iran’s parliament’s closure approval is symbolic and risks remain uncertain.
- This escalation pushes oil markets into new volatility, possibly sustaining higher prices and inflation, while traders await further developments amid global energy security fears.
51 Articles
51 Articles
In general, unrest in this region has an immediate effect on the oil price. However, the oil price is not noticeable, it has hardly risen after this weekend.
Tensions Skyrocket as Oil Prices Surge Amid Middle East Conflict
Oil prices soared to five-month highs following U.S. airstrikes on Iran, escalating Middle East tensions. With fears of supply disruption through the Strait of Hormuz, Brent and WTI crude climbed sharply. Meanwhile, geopolitical tensions rise with Iran and China's reactions, potentially impacting global markets.
Oil prices up amid Iran conflict
Oil prices in recent days have hit their highest point in months amid the escalations between the U.S. and Iran. The price of U.S. benchmark WTI crude oil was around $74 per barrel on Monday morning following the weekend U.S. attack on Iran’s nuclear facilities. Late last week, prices rose as high as $77 per…
Oil spikes, markets retreat as West Asia tensions ripple global economy
Following US strikes in Iran, oil prices surged to a five-month high today whereas Western markets have held steady so far. All eyes are on the Iranian retaliation as any disruption in the Strait of Hormuz could send oil prices souring.
The oil price has risen sharply since the first Israeli attacks on Iran. Will the oil price shoot up further now that America is also joining the armed conflict? Hans van Cleef, energy analyst at Public Affairs, outlines the various scenarios.
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