BEIJING/SINGAPORE: Oil prices jumped on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures rose $8.54, or 9.28 percent, to $100.52 a barrel at 06:54 a.m. Saudi time, while US West Texas Intermediate crude was up $7.22, or 8.28 percent, to $94.47.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after US President Donald Trump said the Iran war could be over soon.
On Wednesday, a spokesperson for Iran’s military command said: “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” in remarks directed at the US.
There are no signs of a de-escalation in the Gulf and as a result, there is no end in sight to the disruptions to oil flows through the Strait of Hormuz, ING analysts said on Thursday.
