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🇰🇬 Kyrgyzstan /Conflict & Security

Brent Oil Tops $90 as US, Iran Escalate Middle East Conflict

From 24.kg · () Russian

Translated from Russian, summarized and contextualized by DistantNews.

At a glance

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  • Brent crude oil prices surpassed $90 per barrel for the first time since June 11.
  • Rising prices are linked to escalating conflict between the U.S. and Iran, including recent Iranian attacks on Kuwait and U.S. bases in Jordan.
  • The U.S. has responded by deploying additional military aircraft to the Middle East and expanding strikes against Iran.

Brent crude oil prices surged past the $90 per barrel mark on July 20, reaching levels not seen since June 11. Data from the ICE London exchange showed Brent crude climbing 2.27 percent to $90.26 by 4:00 AM Bishkek time, with the rally accelerating to 3.29 percent and $91 per barrel by 4:35 AM.

West Texas Intermediate (WTI) futures for August delivery also saw a significant increase, rising 3.02 percent to settle at $84.29 per barrel. The New York Times reported that the price surge is directly linked to the intensifying conflict between the United States and Iran.

Recent Iranian attacks on a U.S. base in Jordan resulted in the deaths of at least three American service members. Iran has also targeted several sites in Kuwait in recent days, including oil and gas infrastructure. In response, the U.S. has begun deploying additional military aircraft to the Middle East and has broadened its strikes against Iran, targeting bridges and other infrastructure.

DistantNews Editorial

Originally published by 24.kg in Russian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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