Oil prices rise after US military action in Iran
фото: Reuters
Oil prices have risen again amid the worsening situation in the Middle East and new US military operations in the region.
This is reported by TradingEconomics.
On Tuesday, U.S. West Texas Intermediate crude futures rose to nearly $92 a barrel and were trading around $91.70. Brent crude also rose about 2% to $98.26 a barrel.
Analysts explain that the market is reacting primarily to the risks of escalation in the region and possible disruptions to oil supplies, in particular through the Strait of Hormuz.
“Brent is more sensitive to events in the Middle East, so any risks to shipping immediately push the price up. WTI is more dependent on the US domestic market,” CNBC notes.
The price increase came after the US military carried out strikes on targets in southern Iran, including missile launch sites and vessels that the US said could be used to lay mines. The US Central Command said the operations were aimed at protecting US forces in the region.
Despite the current rise, oil prices have overall fallen by more than 10% over the past week on expectations of progress in negotiations between the US and Iran.
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