Oil rises as escalation in US-Iran strikes unnerve traders
Key takeaways
- Brent futures rose $1.48, or 1.59%, to $94.58 a barrel as of 0243 GMT, while U.S.
- Iran’s top joint military command announced the closure of the Strait of Hormuz on Thursday, including oil tankers and commercial ships, saying any vessel attempting passage will be shot at.
- “It once again suggests a deal is still some way off and that energy flows from the Persian Gulf will remain heavily constrained,” said ING analysts in a note to clients.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices jumped on Thursday as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed after the US launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured.
Brent futures rose $1.48, or 1.59%, to $94.58 a barrel as of 0243 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.71, or 1.90%, to $91.74. U.S. crude futures gained more than $3 earlier in the session.
Iran’s top joint military command announced the closure of the Strait of Hormuz on Thursday, including oil tankers and commercial ships, saying any vessel attempting passage will be shot at.