Oil Prices Surge Sharply Amid Exchange of Blows Between Israel and Iran
Oil prices rose amid a new escalation in the Middle East. In Asian trading, Brent climbed to $96.64. WTI increased to $94.68, reports Financial Times.
After Iran's missile strike on Israel and Israel's subsequent response, markets reacted with a sharp increase. In Asian trading, Brent rose to $96.64 - an increase of 3.8%. WTI rose 4.6% to $94.68.
Traders fear that the exchange of blows could escalate into a return to full-scale conflict and bury hopes for an agreement to open the Strait of Hormuz.
Usually, a fifth of the world's oil supplies pass through it, but it has been effectively closed since the end of February 2026.
FT adds that Trump's aggressive push for a deal is restraining price growth. Markets believe the president will do everything possible to end the war.
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