Oil climbs as Iran steps up attacks on Gulf shipping
Oil prices rose on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures were up $4.47, or 4.86%, to $96.45 a barrel at 0733 GMT, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude climbed $4.05, or 4.64%, to $91.30.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump said the Iran war could be over soon.
'Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,' a spokesperson for Iran's military command said on Wednesday in remarks directed at the United States.
The International Energy Agency has agreed to release a record 400 million barrels of oil to help rein in prices that have spiked after the U.S.-Israeli war on Iran broke out. The U.S. is contributing the bulk of that release - 172 million barrels - from its Strategic Petroleum Reserve.
The US will release 172 million barrels of oil from its Strategic Petroleum Reserve in a bid to reduce prices that have soared due to the war in Iran.
Reuters
Oil prices rose on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures were up $4.47, or 4.86%, to $96.45 a barrel at 0733 GMT, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude climbed $4.05, or 4.64%, to $91.30.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump said the Iran war could be over soon.
'Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,' a spokesperson for Iran's military command said on Wednesday in remarks directed at the United States.
The International Energy Agency has agreed to release a record 400 million barrels of oil to help rein in prices that have spiked after the U.S.-Israeli war on Iran broke out. The U.S. is contributing the bulk of that release - 172 million barrels - from its Strategic Petroleum Reserve.
The US will release 172 million barrels of oil from its Strategic Petroleum Reserve in a bid to reduce prices that have soared due to the war in Iran.
Reuters
Oil prices rose on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures were up $4.47, or 4.86%, to $96.45 a barrel at 0733 GMT, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude climbed $4.05, or 4.64%, to $91.30.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump said the Iran war could be over soon.
'Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,' a spokesperson for Iran's military command said on Wednesday in remarks directed at the United States.
The International Energy Agency has agreed to release a record 400 million barrels of oil to help rein in prices that have spiked after the U.S.-Israeli war on Iran broke out. The U.S. is contributing the bulk of that release - 172 million barrels - from its Strategic Petroleum Reserve.
The US will release 172 million barrels of oil from its Strategic Petroleum Reserve in a bid to reduce prices that have soared due to the war in Iran.
Reuters
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Oil climbs as Iran steps up attacks on Gulf shipping
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