Brent Oil Surges Past $105 on Renewed Iran Strike Fears
Brent crude jumped nearly 5% to about $105 per barrel on reports of renewed US strikes on Iran, reversing earlier declines.
President Trump announced US strikes on Iranian targets near the Strait of Hormuz, warning of more severe attacks if Iran retaliates. An Iranian source said…
President Trump confirmed in a TruthSocial post that the United States is carrying out strikes on Iranian targets, stating:
The United States is, as we speak, striking Iranian Targets near the Strait of Hormuz. The strikes are large and powerful, and in retaliation for the Iranians’ failed attempt at adding sea mines to the Strait, which currently has no mines (They have been completely removed or detonated!), and the Iranians shooting eight missiles, all successfully knocked down, at our Military Base in Jordan. If the failed Nation of Iran retaliates for this very justified attack, they will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran! President DONALD J. TRUMP
An Iranian military source, meanwhile, said Iran would respond to the US attacks in multiple ways. The source added that American interests and bases in the region were coming under rapid attack from Iran.
The US embassy in Israel warned American citizens across the Middle East that a possible escalation could occur.
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Brent crude jumped nearly 5% to about $105 per barrel on reports of renewed US strikes on Iran, reversing earlier declines.
Oil prices surged amid reports the White House asked the Pentagon for strike options against Iran, raising fears of renewed conflict.
Gold briefly dipped below $4,110 support but recovered, as geopolitical tensions support oil; the technical bias remains neutral to bearish.
Oil prices rose on Middle East risks, while Japanese and South Korean stocks fell. Gold rebounded towards $4,140.