Oil Prices Jump as US and Iran Exchange Air Strikes
Brent crude futures rose to 96.63 dollars a barrel on Thursday after Iran targeted a U.S. airbase in response to strikes near Bandar Abbas. The escalation follows a period of volatility as markets weigh the continued closure of the Strait of Hormuz against falling U.S. crude stockpiles.
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Brent Crude Oil rose 2.48% to $96.63 a barrel on the following day following retaliatory air strikes between Iran and the United States. The surge reverses a 5% decline in the previous session triggered by hopes of a deal to reopen the Strait of Hormuz. Heightened military friction in the Persian Gulf threatens global supply stability and keeps energy prices volatile for investors.
