Oil extends gains as Iran-U.S. tensions raise concerns over supply disruptions
TEHRAN, IRAN – MARCH 10: Smoke rises between residential buildings following the Israeli attack on Tehran, Iran on March 10, 2025. The Israeli army announces a new wave of attacks on Tehran. (Photo: Fatemeh Bahrami/Anadolu via Getty Images)
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Oil rose on Thursday after new U.S. military strikes on Iran raised concerns about supply disruptions in the Middle East.
Futures for international comparison Brent crude oil September delivery rose 1.03% to $78.82 per barrel. WE West Texas Intermediate Futures It rose 1.06% to $74.29 per barrel in August. Prices rose more than 4% on Wednesday.
Brent crude oil
New strikes against Iran have been launched in response to Tehran’s attacks on commercial ships in and around the Strait of Hormuz, US Central Command said on Wednesday.
US President Donald Trump also signaled earlier in the day that he was no longer interested in negotiating a deal with Iran. Before this, he said that the ceasefire between Iran and the USA was “over” after the new wave of attacks in the Middle East.
“The market is once again forced to price in the risk that new attacks on shipping or a broader deterioration in US-Iran relations will slow the normalization of flows in the Strait of Hormuz,” according to Saxo.
Since the Strait of Hormuz is one of the most important energy chokepoints in the world, “even a limited disruption could have a huge impact on rapid pricing, freight costs and market sentiment,” he added.
