Oil prices hold near $95 as Iran risks rise
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Oil prices were little changed on Wednesday after rising above one-month highs as traders assessed potential supply disruptions linked to renewed U.S. and Iranian military tensions.
Oil prices were little changed on Wednesday after rising above one-month highs as traders assessed potential supply disruptions linked to renewed U.S. and Iranian military tensions.
Oil rose for a second session as fresh hostilities between the US and Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz, where crude carriers were hit by projectiles. Leslie Palti-Guzman, Founder at Energy Vista, discusses the outlook for global energy as conflict in the Middle East continues to disrupt flow.
The US and Iran exchanged strikes as American forces hit Iranian rocket launchers and Iran responded by firing missiles toward Jordan. Bloomberg's Onur Ant has the latest.
Oil prices declined Friday as Brent crude futures fell to $89.10 per barrel and West Texas Intermediate futures dropped to $82.89, putting both benchmarks on track for weekly losses.
Oil prices increased on Tuesday as renewed fighting between the United States and Iran raised concerns about potential supply disruptions from the Middle East, a major crude-producing region.
Brent crude futures fell $1.36, or 1.55%, to $86.48 a barrel, while West Texas Intermediate (WTI) crude futures declined $1.40, or 1.7%, to $80.83 as markets reacted to expectations of reduced supply disruptions.
