Commodities
Oil Prices Spike as Iran Strikes US Airbase Amid Tensions
Oil prices surged on Thursday after Iran's Revolutionary Guards claimed to have targeted a US airbase in response to earlier US strikes near the Strait of Hormuz.
The Brent crude futures contract rose by $2.38, or 2.52%, to $96.67 a barrel, while the more active August contract gained $2.45, or 2.66%, to $94.70.
US West Texas Intermediate futures also jumped by $2.24, or 2.53%, to $90.92.
The price hike comes after US President Donald Trump rejected reports of a compromise deal with Tehran to end their war and reopen the Strait of Hormuz.
PVM Oil Association analyst John Evans noted that 'the trading of airstrikes are part of the negotiating language.'