Oil prices surged over 4% on Monday as energy shipments via \u200bthe Strait of Hormuz remained under threat, with the U.S. and \u200cIran announcing renewed military strikes.<\/p>\n
Brent crude futures climbed $3.10, or 4.08%, to $79.11 by 0325 GMT, while U.S. West Texas Intermediate crude rose $2.95, or 4.11%, to $74.36 a barrel.<\/p>\n
U.S. forces completed another wave of strikes \u200bagainst Iran on Sunday, hitting dozens of targets at multiple locations with \u200bprecision munitions, the Central Command said. Iran’s Revolutionary Guards said on \u2060Monday they attacked U.S. military bases in Kuwait and Bahrain.<\/p>\n
U.S. President Donald Trump said \u200bon Sunday that the Strait of Hormuz is open to commercial traffic, although Iran \u200bdeclared earlier that it closed the strait after a vessel traveled on an unapproved route and was struck.<\/p>\n
Some 20% of the world’s oil and liquefied natural gas transited the strait before \u200bthe war began at the end of February.<\/p>\n
Six vessels transited the strait on \u200bSunday, ship-tracking data from Kpler showed, the lowest number in five weeks.<\/p>\n
The escalating attacks cast further \u200cdoubt \u2060on the future of an interim U.S.-Iranian agreement signed last month that aimed to reopen the strait and end the war after a further 60 days of negotiations.<\/p>\n
Following the agreement, global oil supply rose by 4.1 million barrels per day in \u200bJune, but remained 9.4 \u200bmillion bpd below \u2060pre-war levels, the\u00a0International Energy Agency\u00a0said in its monthly report on Friday.<\/p>\n
“Hopes of a relatively quick resolution to the recent \u200bskirmishes may be in doubt after tension escalated over the \u200bweekend,” ANZ \u2060analysts said in a note.<\/p>\n
IG market analyst Tony Sycamore said the relatively tame rise in oil prices suggested the market was taking the view that the current flare-up \u2060represented an \u200bescalation within a fragile truce and fell well \u200bshort of a complete collapse of the ceasefire.<\/p>\n
“How accurate that view is remains to be seen,” he \u200bsaid in a note.<\/p>\n
Source: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices surged over 4% on Monday as energy shipments via \u200bthe Strait of Hormuz remained under threat, with the U.S. and \u200cIran announcing renewed military strikes. Brent crude futures climbed $3.10, or 4.08%, to $79.11 by 0325 GMT, while U.S. West Texas Intermediate crude rose $2.95, or 4.11%, to $74.36 a barrel. U.S. forces…<\/p>\n","protected":false},"author":9,"featured_media":95210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/posts\/95808"}],"collection":[{"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/comments?post=95808"}],"version-history":[{"count":1,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/posts\/95808\/revisions"}],"predecessor-version":[{"id":95809,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/posts\/95808\/revisions\/95809"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/media\/95210"}],"wp:attachment":[{"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/media?parent=95808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/categories?post=95808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mustaqbalmedia.net\/en\/wp-json\/wp\/v2\/tags?post=95808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}