Oil Prices Rise Amid Gulf Supply Risks and Renewed US-Iran Tensions
Oil prices rose on Thursday, July 30, as investors weighed the risks of renewed US military action against Iran against a potential agreement that could restore shipping through the Strait of Hormuz.
The Brent crude benchmark increased by $1.06, or 1.17 per cent, reaching $91.80 a barrel, while US West Texas Intermediate crude gained $0.39, or 0.46 per cent, to $84.85 a barrel.
The price movements came after the previous day's sharp rises of around 7 to 8 per cent following threats from US President Donald Trump to strike Iran 'very hard' after an Iranian missile was fired at a US base in Jordan.
A drone attack on a tanker by the Caspian Pipeline Consortium also added to global oil supply concerns, and liquefied natural gas shipments through the Strait of Hormuz were halted due to Iran's closure of the channel.