Global Oil Prices Rise Further Amid Fresh Middle East Tensions
Photo: Reuters.
Global crude oil prices have surged further as renewed tensions in the Middle East continue to drive the market upward.
According to data from Oilprice.com, at around 10:45 AM Bangladesh time on Thursday, the price of Brent crude stood at $78.94 per barrel, up from $76.58 at the same time yesterday.
Meanwhile, the US benchmark, West Texas Intermediate (WTI) crude, rose to $74.36 per barrel this morning, compared to $72.52 at the same time yesterday.
In percentage terms, the UAE’s Murban crude saw the sharpest increase on Thursday, jumping 6.67% to reach $73.57 per barrel.
The price hike follows recent US airstrikes on Iran on Tuesday, alongside Washington's revocation of the license allowing Iran to sell oil.
In retaliation, Iran launched counter-attacks targeting US military bases in the Middle East. Missile and drone strikes hit key US military installations at Bahrain’s Port Salman and Kuwait’s Ali Al Salem Air Base.
The back-and-forth attacks between the two countries continued into Wednesday. On Wednesday night, the US carried out airstrikes across multiple locations in southern Iran, including Iran Shahr Airport in the southeast, where a firefighter was killed. US President Donald Trump has declared that the ceasefire agreement with Iran is "over."
On the other hand, the Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for launching strikes on Camp Arifjan and Ali Al Salem in Kuwait, as well as Juffair and Isa Air Base in Bahrain.
