Oil Prices Surge After Fresh US Strikes on Iran
Oil Prices Surge After Fresh US Strikes on Iran
Oil prices gained more than 2.5% following fresh US strikes on Iran after Tehran launched drones at commercial ships in the Strait of Hormuz, testing an already fragile cease-fire.
Brent and WTI Prices
In early European trading, Brent crude for July delivery rose 2.6% to $96.74 a barrel, while WTI futures increased 2.6% to $90.95 a barrel.
Analyst Comments
Analysts at ANZ said, "Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict. Oil supply remains constrained, and key sticking points have yet to be resolved."
Inventory Data Awaited
Meanwhile, traders await official stockpiling data from the US Energy Information Administration due later on Thursday as supply disruptions trigger large inventory drawdowns.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
The direct rise in oil prices positively impacts the futures contract.
WTI CRUDE OIL
WTI crude oil price increased by 2.6% as stated in the news, directly and strongly impacting the symbol.
Crude oil futures are rising due to geopolitical tensions.
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