Oil Prices Reach Six-Week High Amid US-Iran Tensions
3 days ago
At a glance
- Brent crude oil prices have reached $96 per barrel, a six-week high.
- The increase is driven by escalating US-Iran tensions and Houthi attacks on shipping.
- Threats to key shipping routes like the Strait of Hormuz and Bab el-Mandeb are raising supply concerns.
Story so far
Global crude oil prices have been on an upward trend, with Brent Crude previously rising to $92.37 per barrel and American crude (WTI) to $85.77. Brent crude recently reached $95 per barrel, the highest since early June. The latest surge has pushed Brent crude to $96 per barrel, a six-week high, driven by escalating US-Iran tensions, US military strikes, and Houthi attacks on oil tankers in critical Middle East shipping routes.
Latest development
Brent crude oil prices have surged to $96 per barrel, marking a six-week high, fueled by escalating US-Iran tensions, US military strikes, and Houthi attacks on oil tankers in the Red Sea.
Latest updates
Oil prices have risen to a six-week high, with Brent crude futures reaching $96 per barrel. This surge is attributed to escalating tensions between the US and Iran, including US military strikes on Iran and Houthi attacks on oil tankers in the Red Sea.
The US military conducted its 12th consecutive night of attacks on Iran. Iran's Revolutionary Guards reported an oil tanker caught fire near a mined route in the Strait of Hormuz and claimed the strait was "completely closed." Yemen's Houthis have threatened to target Saudi oil tankers in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia, claiming to have hit the Saudi-flagged tanker Encelia. These developments have renewed inflationary concerns and pushed US Treasury yields higher.
Global Brent crude oil prices have reached $95 per barrel, marking the highest level recorded since the beginning of June.
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