Oil prices rise after fresh US-Iran strikes
Oil prices rise amid renewed tensions between the United States and Iran (photo: Getty Images)
Oil prices rose after US forces carried out fresh strikes against Iran and market data showed another significant decline in US crude oil inventories, Reuters reported.
Brent crude futures rose by 66 cents, or 0.7%, to $92.11 per barrel, while US West Texas Intermediate crude gained 60 cents, or 0.7%, to $88.80.
According to Priyanka Sachdeva, senior market analyst at Phillip Nova, the latest attacks involving the United States and Iran have once again drawn traders' attention to war-related risks and potential supply disruptions.
"While diplomatic efforts remain ongoing, the latest military exchanges have reintroduced a geopolitical risk premium into oil markets," she explained.
Meanwhile, US crude oil inventories fell by 9.12 million barrels last week, while gasoline inventories declined by 1.19 million barrels.
Escalation between the United States and Iran
On Tuesday, June 9, US President Donald Trump said that negotiations with Iran on an agreement were already in the final stage. He suggested that a deal could be reached within the next few days.
However, later the same day, Trump said that Iran had shot down a US Apache helicopter on Monday evening. According to CNN, the helicopter was brought down by a Shahed-type drone.
As a result, Trump promised that the United States would respond to the incident.
During the night of June 10, the United States and Iran exchanged strikes.
