Brent crude surges past $100 as Iran vows Strait of Hormuz closure
Oil prices spiked nearly 9% to breach the psychological barrier above a hundred dollars per barrel following new threats from Iranian Supreme Leader Mojtaba Khamenei and his Revolutionary Guards (IRGC). The surge occurred after Israel launched strikes against Iran, prompting Tehran's leadership to declare "revenge" while warning of potential closures in strategic waterways. Market analysts cite these geopolitical tensions as the primary driver for Brent crude climbing back above $100 a barrel on Thursday morning trading sessions globally.
Key Points
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1Brent crude prices surged nearly 10% to climb above $100 per barrel for the first time since early 2023.
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2The price increase followed new threats from Iran's Supreme Leader and Revolutionary Guards regarding a potential closure of the Strait of Hormuz due to recent Israeli-American strikes.
Developments
Perspectives
Oil prices surged Thursday after new supreme leader Mojtaba Khamenei vowed 'revenge' following Israeli-American strikes and Iran's Revolutionary Guards warned they would keep the strategic Strait of Hormuz closed.
— (Inquirer)Oil prices surged globally after Iranian Supreme Leader Mojtaba Khamenei vowed revenge following Israeli-American strikes and the Revolutionary Guards warned they would close the Strait of Hormuz. Consequently, Brent crude climbed 9.46 percent to $100.68 a barrel while West Texas Intermediate gained over ten points in value during Thursday's trading session.