Oil prices rose for the fourth consecutive day on Thursday as US strikes on Iranian military installations heightened concerns of a wider conflict and potential supply disruptions in the Strait of Hormuz.
Global Impact
The United States struck Iran’s coastal defenses and missile sites on Wednesday, following the reimposition of a naval blockade on its ports. In response, Iran threatened to shut off more regional energy exports, describing the situation as an ‘existential war’ with America.
Brent crude futures increased by 33 cents to $85.28 a barrel, while US West Texas Intermediate futures rose by 42 cents to $80.02 a barrel. Both benchmarks are near their one-month highs.
Analysts predict that if the conflict escalates, oil prices could rise further. However, if tensions ease and production recovers, prices may decrease.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
