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Commodities

Middle East Conflict Sparks Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices surged nearly 7% on Wednesday after major airstrikes resumed in the Middle East, dashing hopes for an end to the U.S.-Israeli war with Iran.

The price jump was also fueled by a decline in U.S. crude inventories, which fell by about 3.3 million barrels in the week ended July 24.

Analysts say that renewed military strikes and Iranian officials' statements on controlling shipping activity through the Strait of Hormuz are driving up oil prices.

UBS analyst Giovanni Staunovo noted that 'renewed military strikes in the Middle East and Iranian officials reiterating that they want to control shipping activity through the Strait of Hormuz amid depressed oil flows through the Strait are lifting oil prices again.'

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