Oil Prices Surge as US-Iran Conflict Escalates, Resistance Ahead
The conflict between the US and Iran has escalated, pushing oil prices to their highest levels since July. The renewed exchange of strikes has sent Brent crude up around 1% and WTI rose roughly 0.9%. However, both benchmarks are now facing resistance at current levels, a zone that capped rallies in early June and again around July 23.
The latest strikes saw US forces targeting Iranian radar and mine laying capabilities, with Iran retaliating against American positions across the region. Analysts describe this as a significant escalation following roughly a month of relative calm.
US Energy Secretary Chris Wright claims that around 17 million barrels transited the Strait of Hormuz on Monday, the largest daily volume since the war began. However, shipping data shows only four commodity vessels transiting the strait, well below the average of 13 vessels over the past ten days.