Key facts
- Brent crude oil prices exceeded $91 per barrel.
- The US conducted strikes against Iranian targets.
- Iran responded with attacks on US military bases.
- Diplomatic efforts between the US and Iran have stalled.
- President Trump indicated a strong military response against Iran.
Oil prices have surged above $91 per barrel as tensions in the Middle East intensify following a renewed exchange of fire between the US and Iran. The international benchmark for oil, Brent crude, extended its gains as concerns about potential disruptions to energy supplies from the region grew.
The escalation follows US strikes on Iranian rocket launchers reportedly preparing to lay mines in the Strait of Hormuz. This marks the first direct military engagement in over a month. Iran retaliated by targeting US military bases in Jordan and the United Arab Emirates.
Achilleas Georgolopoulos, senior market analyst at Trading Point, noted that while fresh military operations are pushing oil prices higher, the rally may lack the momentum to surpass previous conflict-driven highs. He also commented that expectations for progress in US-Iran negotiations have diminished.