Brent crude oil rises as Hormuz tensions mount
Brent crude oil rose 2% as tensions mounted in the Strait of Hormuz amid conflicting reports from Iran and the US about American warships. US crude was up 0.1% to $102.03 a barrel, while Brent rose to $110.36 per barrel.
Brent crude oil jumped around 2% as conflicting reports emerged from Iran and the US about American warships in the Strait of Hormuz. Iran's navy reportedly prevented "American-Zionist" warships from entering the strait, while the US military said two US Navy guided-missile destroyers had entered the Gulf to break an Iranian blockade. US crude was last up 0.1% to $102.03 a barrel, and Brent rose to $110.36 per barrel. Analysts noted that high prices were not sustainable long-term due to their impact on demand and the economy. The market was pulled in two opposing directions: geopolitical risk pushed oil higher, while underlying growth softened. MSCI's broadest index of global shares outside Japan rose, led by gains in Asian stocks.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.