Oil Prices Rise Amid Escalating Tensions in the Middle East
Oil prices rose on Thursday following US strikes on Iran and renewed Israeli threats against Tehran. The attacks revived concerns about disruption to Middle East supplies, contributing to higher oil prices. Brent crude futures were up 15 cents or 0.16% at $95.78 a barrel by 1:00 p.m. ET while U.S. West Texas Intermediate crude futures rose 63 cents or 0.69% to $91.64.
The US strikes on Iran resulted in the deaths of 18 people and 108 wounded, according to Iran's health minister. The Iranian Red Crescent reported four people killed and 67 wounded at a wedding ceremony near the Strait of Hormuz. Three Iranian Army pilots were also killed in the attacks.
Israeli Defence Minister Israel Katz warned that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it. Saxo Bank analyst Ole Hansen said Katz's comments had helped to push oil prices higher.
Russian President Vladimir Putin indicated openness to peace negotiations with Ukraine, which could help ease concerns about Russian fuel supply disruptions. Putin stated that a number of countries, including the US and China, were ready to support a peace settlement.