Oil Prices Rise Fourth Day Amid US Strikes, Iran Threats of ‘Existential War’
At a glance
- Global oil prices rose for a fourth consecutive day on Thursday.
- Brent crude reached $85.28, and WTI hit $80.02 per barrel.
- The surge is attributed to US strikes on Iran and Iran's threats of an "existential war."
Story so far
Global oil prices continued their upward trend for a fourth consecutive day on Thursday, driven by escalating US-Iran hostilities. Brent crude futures climbed 33 cents, or 0.4%, reaching $85.28 a barrel, while US West Texas Intermediate (WTI) futures rose 42 cents, or 0.5%, to $80.02 a barrel. The latest surge follows US strikes on Iranian coastal defenses and missile sites on Wednesday, alongside the reimposition of a naval blockade on Iranian ports.
Latest development
Global oil prices rose for a fourth consecutive day on Thursday, with Brent crude reaching $85.28 and WTI $80.02 a barrel. This surge follows US strikes on Iranian military sites and Iran's threats to shut off regional energy exports, escalating tensions.
Latest updates
Global oil prices continued their upward trend for a fourth consecutive day on Thursday, driven by escalating US-Iran hostilities. Brent crude futures climbed 33 cents, or 0.4%, reaching $85.28 a barrel, while US West Texas Intermediate (WTI) futures rose 42 cents, or 0.5%, to $80.02 a barrel. The latest surge follows US strikes on Iranian coastal defenses and missile sites on Wednesday, alongside the reimposition of a naval blockade on Iranian ports. Iran has responded by threatening to shut off more regional energy exports, characterizing the conflict as an 'existential war' with America. Analysts indicate that while a full-scale war is deemed unlikely, WTI prices could potentially rise to $85-$87 depending on how the conflict develops. Tensions between the two nations reignited last week, with Iran also signaling a potential move to use Houthi allies in Yemen to close the Bab el-Mandeb gateway to the Red Sea.
The global oil crisis is deepening with a warning of only three days left. Amidst this, Arab leaders are reportedly in Iran, meeting with Khamenei.
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