By Obas Esiedesa, Abuja
Global oil prices eased by 0.82 per cent to $84.24 per barrel on Wednesday as investors took profits after the previous day’s sharp rally, although renewed military confrontation and escalating rhetoric between the United States and Iran continued to underpin fears of disruptions to global crude supplies.
Brent crude, the international benchmark, fell to $84.24 per barrel from Tuesday’s $84.94, but remained significantly above Sunday’s $76.01 as geopolitical tensions in the Middle East kept a sizable risk premium in the market.
The latest price movement came as Iran threatened to widen disruptions to regional energy exports following a fresh wave of US military strikes on Iranian targets.
Iran’s Revolutionary Guards said the Strait of Hormuz would remain shut until the United States ended what it described as its “acts of aggression”, warning that Tehran could also block other regional oil and gas export routes.
