Oil Prices Pare Gains as Iran Ends First Strike Wave
Brent crude rose to 94.19 dollars a barrel after Iran announced the end of its initial retaliatory attacks on Israel following recent strikes in Lebanon and Iran. While OPEC+ agreed to increase output targets, analysts expect little physical impact due to ongoing supply disruptions in the Strait of Hormuz.
Brent Crude Oil rose 1.2% to $94.19 on Monday midday after Iran announced its first wave of missile strikes against Israel has concluded. Prices earlier jumped 5% before paring gains as military tensions shifted toward a conditional pause in direct hostilities. The market remains volatile as Iran warned of harsher attacks if Israel continues strikes on Lebanon.
West Texas Oil rose 0.9% to $91.33 on Monday, extending its 36% rally since the start of the war 100 days ago. Israel recently targeted an Iranian petrochemical plant used for missile production, while Iran retaliated against a facility in Haifa. Brent has gained 30% over the same period, having peaked above $126 in April.
