Oil Prices Edge Higher Over Escalating US-Iran Conflict
Oil prices edge higher on Friday as the escalating conflict between the US and Iran heightened concerns about possible supply disruptions in the Middle East.
International benchmark Brent crude traded at $84.46 per barrel, up 0.27% from the previous close of $84.23. US benchmark West Texas Intermediate (WTI) traded at $79.39 per barrel, up 0.56% from $78.95 in the previous session.
The US intensified its attacks on Iran, while Tehran continued retaliatory strikes. The renewed fighting kept investors cautious as they assessed its potential impact on energy supplies and the global economy.
Analysts said concerns over potential disruptions in the Strait of Hormuz supported oil prices. However, worries that higher energy costs could slow global economic growth and weaken oil demand limited further gains.
US forces struck five bridges and several cities across southern and southeastern Iran late Thursday, marking a sixth consecutive night of attacks.
Iranian state broadcaster IRIB said one person was killed and eight others were injured in a strike on a neighbourhood in the southern port city of Bandar Abbas.
A separate US attack hit two bridges near Bandar Khamir in Hormozgan Province, killing seven people and injuring nine, according to the broadcaster.
The US Central Command (CENTCOM) said Thursday that it completed a new wave of offensive strikes against Iran, marking the sixth consecutive night of US military operations targeting Iranian military assets.
Iran’s Islamic Revolutionary Guard Corps (IRGC) on Friday said that its Aerospace Force targeted a US base in Kuwait as part of the 12th wave of what it described as a retaliatory operation, according to the semi-official Mehr news agency.
IRGC also said that its navy targeted radar sites in Oman, including a US air-control radar, according to the ISNA news agency.
Meanwhile, the US consumer and producer inflation data released this week came in below expectations, reinforcing expectations that the Federal Reserve could delay interest rate increases.
Lower interest rates typically support economic activity and energy demand, but geopolitical tensions remained the main driver of oil prices. #Oil Prices Edge Higher Over Escalating US-Iran Conflict
