Strikes stoke fears of escalating regional conflict that could shut down vital strait of Hormuz shipping route
Oil prices are expected to rise as the trading week starts, after the US attack on Iran stoked fears of an escalating regional conflict that could shut down the vital strait of Hormuz shipping route.
A barrel of Brent crude was selling for about $77 on Friday, having risen by more than 10% since mid-June when Israel’s attack on Iranian nuclear sites prompted missile strikes from Tehran against Tel Aviv.
Donald Trump’s decision to follow Israel in launching a US attack on Iran over the weekend could drive prices up by a further $5 when markets open, according to forecasts from oil market analysts.
Trading for the week begins at 11pm UK time on Sunday.
