Brent crude oil futures rose sharply by nearly 2% in early Asian trading on Tuesday following U.S. strikes on southern Iran. This was reported by Reuters, according to UNN.
Details
As of 00:06 GMT, Brent rose by $1.40, or 1.5%, to $97.56 a barrel. Prior to this, the price had fallen by approximately 7% in the previous session. U.S. WTI crude was trading at $91.25 a barrel, 5.5% below last Friday's closing level.
USA launched strikes on targets in southern Iran
U.S. Central Command stated that the U.S. military attacked Iranian targets in the south of the country, including boats allegedly attempting to lay mines, as well as missile launch sites.
The Pentagon emphasized that the strikes were "aimed at protecting our troops from threats emanating from Iranian forces." Iranian media reported explosions in the city of Bandar Abbas and surrounding areas along the Strait of Hormuz.
Despite the overnight price drop of nearly 6-7%, markets remain tense due to the risk of further escalation between the U.S. and Iran, while the prospects for a new agreement to cease hostilities remain uncertain for now.
Oil prices drop nearly 6% amid US-Iran negotiations over the Strait of Hormuz26.05.26, 06:36