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Brent Crude Surges Amid Rising US-Iran Tensions
(MENAFN) Global oil prices moved higher again as Brent crude briefly climbed to $106 per barrel early Monday before easing slightly to remain above $104, amid continuing tensions in the Middle East.
The increase in the benchmark price occurred after oil futures trading resumed at around 2200 GMT on Sunday, according to reports.
The market reaction followed remarks made Friday by US President Donald Trump, who said that American strikes targeted Kharg Island, Iran’s primary oil export terminal in the Persian Gulf, but did not damage oil facilities.
He added, however, that while he has opted not to destroy the facilities, he would immediately reconsider his decision if Iran or anyone else interferes with the free and safe passage of ships through the Strait of Hormuz.
According to reports, regional tensions have intensified since Feb. 28, when Israel and the United States began coordinated attacks against Iran. The escalation has reportedly resulted in the deaths of around 1,300 people so far, including the country’s then-Supreme Leader Ayatollah Ali Khamenei.
Reports also indicate that Iran has responded by launching drone and missile attacks aimed at Israel, Jordan, Iraq and several Gulf states that host US military installations.
The increase in the benchmark price occurred after oil futures trading resumed at around 2200 GMT on Sunday, according to reports.
The market reaction followed remarks made Friday by US President Donald Trump, who said that American strikes targeted Kharg Island, Iran’s primary oil export terminal in the Persian Gulf, but did not damage oil facilities.
He added, however, that while he has opted not to destroy the facilities, he would immediately reconsider his decision if Iran or anyone else interferes with the free and safe passage of ships through the Strait of Hormuz.
According to reports, regional tensions have intensified since Feb. 28, when Israel and the United States began coordinated attacks against Iran. The escalation has reportedly resulted in the deaths of around 1,300 people so far, including the country’s then-Supreme Leader Ayatollah Ali Khamenei.
Reports also indicate that Iran has responded by launching drone and missile attacks aimed at Israel, Jordan, Iraq and several Gulf states that host US military installations.
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