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Oil Climbs as Renewed US Strikes on Iran Erode Pace Hopes
🇴🇲 Oman /Economy & Trade

Oil Climbs as Renewed US Strikes on Iran Erode Pace Hopes

From Times of Oman · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • Oil prices rose on Thursday following new U.S. strikes against Iran, diminishing hopes for an immediate end to the conflict.
  • Brent crude futures increased by 1 percent to $78.80 per barrel, and WTI crude futures gained 1.01 percent to $74.26 per barrel.
  • Both benchmarks had seen significant increases in after-hours trading on Wednesday after the U.S. launched new military strikes against Iran.

Oil prices climbed on Thursday as fresh U.S. military strikes against Iran dampened expectations for a swift de-escalation of regional tensions. The conflict's continuation dims hopes for an end to the hostilities, directly impacting global energy markets.

Brent crude futures saw a notable increase, rising 78 cents, or 1 percent, to settle at $78.80 per barrel. Similarly, West Texas Intermediate (WTI) crude futures gained 74 cents, or 1.01 percent, closing at $74.26 per barrel. These gains followed an even sharper rise in after-hours trading on Wednesday, where both benchmarks had surged by more than a dollar immediately after the U.S. announced its new strikes.

Prior to these developments, both Brent and WTI crude had already settled at their highest levels in over two weeks, indicating a market already sensitive to geopolitical instability in the Middle East. The renewed military action is expected to keep upward pressure on oil prices as traders factor in the increased risk of supply disruptions.

DistantNews Editorial

Originally published by Times of Oman in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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