economy
Oil jumps as U.S. strikes in Iran raise worries of extended disruption to energy flows
Oil prices jumped on Thursday after the United States launched a fresh round of military strikes against targets in Iran.
TL;DR
- Oil prices increased on Thursday due to U.S. military strikes against Iran.
- U.S. crude oil futures for July rose 2.94% to $92.68 per barrel.
- Brent futures for August delivery gained 2.52% to $95.45 per barrel.
- The U.S. Central Command stated the strikes were in response to Iran's aggression.
- Iranian state media reported missile and drone attacks against U.S. vessels in the Strait of Hormuz.
- Despite the escalation, one analysis indicates the oil market is more resilient to disruptions.
- The chances of a diplomatic breakthrough have diminished, leaving oil prices vulnerable to sharp swings.