Texas oil rises 0.16% at opening on new U.S.-Iran attacks

Texas Intermediate (WTI) crude oil prices edged up 0.16% in early trading Thursday, reaching $90.17 a barrel. This modest gain followed a new round of attacks exchanged between the United States and Iran overnight.

At 9:00 a.m. local time, WTI futures for July delivery were up $0.14 from the previous day's close. The U.S. military reported attacking a tanker in the Gulf of Oman for attempting to evade a naval blockade on Iranian oil shipments, marking the third commercial vessel attacked this week. President Donald Trump stated that Iran would be bombed more forcefully due to stalled negotiations, asserting that the country "has no defenses" and could be invaded easily if desired.

Iranian state media, meanwhile, reported that Tehran launched missile and drone attacks against U.S. vessels operating in the Strait of Hormuz. This latest escalation in the conflict between the two nations has heightened market tensions.

Despite the increased hostilities, independent firm Rystad Energy suggested the oil market is more resilient to disruptions than in past crises. They cited record U.S. crude exports, more moderate Chinese demand, and alternative export routes that reduce reliance on the Strait of Hormuz. However, the consultancy cautioned that the likelihood of a short-term diplomatic breakthrough has diminished, leaving oil prices vulnerable to significant fluctuations as investors assess whether the recent hostilities will remain contained or escalate into a prolonged conflict.

“

They are finished. We could walk in tomorrow. We could send soldiers, but I don't want soldiers on the ground; but if I wanted, we could put a small group of soldiers and take the whole country.