Oil Prices Rise Amid Escalating U.S.-Iran Tensions
Oil prices climbed on Thursday following renewed U.S. strikes against Iran, which were launched as retaliation for Iranian missile attacks on American forces in the region. The conflict has continued to disrupt oil markets and shipping through the Strait of Hormuz since late February. Brent crude futures rose by 1.5% to $92.10 per barrel, while West Texas Intermediate (WTI) gained 0.9% to $85.23. The U.S. military targeted multiple Iranian sites, including command centers and missile facilities, as part of a two-hour operation described by the Pentagon as a 'powerful response.' Iran's Islamic Revolutionary Guard Corps has warned it may escalate further in retaliation. Market participants are also watching for OPEC+ to announce an expected supply increase at its upcoming meeting. Analysts note that uncertainty around future OPEC+ policy could persist through 2027, with potential pushback on output quotas.
Topics: commodities oil_prices U.S.-Iran_conflict