Key Points
- A barrel of Brent crude rose to $88.10 due to the Red Sea crisis and US-Iran tension.
- The said increase was recorded on the sixth day of the clashes that resumed on July 7.
- While the US military struck dozens of Iranian military targets, Iran also conducted attacks on regional US bases.
- Oil benchmark prices gained more than 15 percent in value over the past week along with the military escalation.
By the Numbers
The escalation of military clashes between the US and Iran and the threat of the closure of the Red Sea caused a jump of about 5 percent in oil prices on Friday. A barrel of Brent crude rose to $88.10 for September delivery in London's futures markets, while West Texas Intermediate (WTI) crude closed at $82.49. Both benchmark prices gained more than 15 percent in value in a single week.
The developments came as clashes resumed following US President Donald Trump's termination of the agreement on July 7. Friday marked the sixth consecutive day of mutual bombardment between Washington and Tehran. On Tuesday, Trump reimposed a naval blockade on Iranian ports and vessels following Iranian attacks on commercial ships in the Strait of Hormuz.
While it was announced that the US military struck dozens of Iranian military targets on Thursday, Iran reported destroying a radar system and several aircraft fuel tankers in Syria and Qatar. Tehran also announced that it conducted missile and drone attacks on American targets in regional countries such as Bahrain, Kuwait, and the United Arab Emirates (UAE), resulting in casualties among US soldiers.
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Frequently Asked Questions
- Why did oil prices suddenly rise?
- The escalation of military clashes between the US and Iran and the threat of the closure of the Red Sea and the Strait of Hormuz drove prices up by creating supply concerns.
- When and why did the clashes resume?
- The clashes flared up again when US President Donald Trump terminated the agreement reached on July 7 following Iranian attacks on commercial ships in the Strait of Hormuz.
- How much have oil prices increased recently?
- While Brent and WTI oil prices recorded an increase of about 5 percent on Friday, their total weekly gain exceeded 15 percent.
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Read the full story at the sourceprimicia.com.veHow we produce our content →This story across sources · 3 · 3 countries
- Following the Attacks Launched by the USA Against Iran, Retaliation Came from Tehran Against American Bases in the GulfKursiv Research·
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