Oil Prices Jump After Fresh U.S. Strikes on Iran
AI Summary
Oil prices surged following new U.S. strikes on Iranian military targets, raising concerns of escalating tensions and disruption to the Strait of Hormuz. WTI crude rose to $90.51 and Brent crude to $96.34, reversing earlier weekly declines driven by optimism over peace talks.
Oil prices spiked once again in early Asian trade on Thursday after reports of fresh U.S. strikes on Iranian military targets reignited fears that the most recent round of peace talks could give way to further escalation. At the time of writing, WTI was trading at $90.51, up 2.06% on the session, while Brent crude had climbed 2.17% to trade at $96.34. The jump comes after both benchmarks dropped by more than 7% this week as traders became increasingly optimistic over a potential agreement that could restore traffic through the Strait of Hormuz.…