Crude oil prices jumped as much as 4 percent on Wednesday, with Brent Crude surpassing 95 dollars per barrel and WTI Crude surpassing 88 dollars per barrel after the conflict in the Middle East continued to escalate. Investors and analysts are monitoring the escalating geopolitical tensions as US forces carried out their 11th consecutive evening of strikes on Iran overnight. Concerns over oil supplies have dominated sentiment as the Strait of Hormuz has remained a key sticking point in the negotiations between US and Iran.
At the ASEAN Foreign Ministers’ meeting in the Philippines on Wednesday, US Secretary of State Marco Rubio said US remained committed to diplomacy, but accused Iran of violating the agreement over the Strait of Hormuz. “The problem we’re having right now is that they’re not serious about talks,” he said. “If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies.” Analysts believe this statement has once again sparked concerns on how the geopolitical tensions and oil prices could unfold going forward.
In the near-term analysts are expecting the situation and the price of oil to remain volatile, top global oil expert and CEO-Australia, Trading.com Peter McGuire told Times Now Digital, “tempers are rising and prices in the crude market are exploding. The hostilities and the situation between US and .
The United States Central Command (CENTCOM) had earlier stated it has completed its 11th consecutive night of air strikes against Iran to further degrade the country’s “ability to threaten commercial shipping in the Strait of Hormuz.” In a statement late on Tuesday, CENTCOM said US forces targeted “Iranian military operations centres, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure.” The spotlight is on whether there is more tension that will unfold or talks will take centrestage given the cost of this .