Iran-US Attacks Resume, Crude Oil Prices Jump 4%
Photo: REUTERS
Attacks and counter-attacks have occurred once again between Iran and the United States, resulting in an increase in the price of crude oil.
As of 10 am on Monday, the price of Brent crude oil rose by four percent, exceeding $79. Previously, due to an agreement between the two countries, oil prices had dropped to pre-war levels over the past few weeks.
However, amid the week-long funeral programs for Iran’s Supreme Leader, the two countries have become embroiled in conflict again. US President Donald Trump announced the end of the ceasefire and ordered attacks on Iran.
In response, Iran launched counter-attacks on US bases located in various Middle Eastern countries.
While officials from both countries continue discussions through various channels amidst the cycle of attacks, they have been unable to reach an agreement on ending the war. Strait of Hormuz has moved to the center of the dispute. The crisis in this critical waterway is the primary reason for the rising oil prices.
Meanwhile, the price of WTI crude has also increased. Rising by four percent, the price of this oil now stands at $74.31. Oil prices have been rising since the joint US and Israeli attacks on Iran at the end of February.
