Brent surges above $97 as US-Iran tensions escalate in gulf

Carolane de Palmas ActivTrades

Brent crude oil prices rose to a multi-week high above $97 per barrel in early Thursday trading. The latest rally is being driven by escalating tensions between the US and Iran, as oil traders increasingly price in not only the temporary closure of the Strait of Hormuz but also the possibility of a broader conflict in the Persian Gulf that could severely disrupt the region's oil and gas infrastructure. As the rhetoric and military exchanges between the two sides continue to intensify, shipping traffic through the Strait of Hormuz has all but come to a halt. Meanwhile, in the Red Sea, Iran-backed Houthi forces have also stepped up efforts to disrupt maritime traffic, adding to concerns over global energy supplies. Against this backdrop, traders will remain focused on the progress of diplomatic efforts aimed at de-escalating the conflict, with any positive developments likely to ease pressure on oil prices. However, there remains a significant risk that hostilities persist for an extended period, creating scope for further gains in the price of crude.

Source: ActivTrader

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Author

Carolane de Palmas

ActivTrades

Carolane graduated with a Masters in Corporate Finance & Financial Markets and got the AMF Certification (Financial Markets Regulator in France). Afterward, she became an independent trader, investing mostly in European and American stocks/indices.

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