Oil prices rise amid Tehran air defense reports
Crude futures climbed on Thursday following reports of military activity over Tehran and the resignation of Iran top negotiator. Brent rose to nearly 105 dollars.
Global energy markets experienced a significant surge as Brent Crude Oil futures spiked by $5 a barrel following reports of active air defenses over Tehran and an intensifying internal power struggle within Iran. While the benchmarks eventually pared some gains, Brent rose 3.02% to $104.99, while West Texas Oil climbed 2.61% to settle at $95.39.
Geopolitical tensions escalated as Israeli radio reported the resignation of Mohammad Baqer Qalibaf, the top Iranian negotiator involved in talks with the United States through intermediaries from Pakistan. The departure of Qalibaf is widely interpreted as a strategic victory for hardline factions over moderates within the Iranian government. Simultaneously, Iranian news services confirmed that air defenses were engaging targets over the capital, following reports of drone strikes on Iranian Kurdish opposition bases located in Iraq.
