The consistent surge in oil prices on back of the escalating US-Iran conflict has raised concerns about just how long this geopolitical uncertainty will persist. Brent Crude prices surpassed the $100 per barrel level while WTI Crude prices crossed $91 per barrel.
In fact oil prices are also set for a significant weekly uptick after Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint and Kazakhstan temporarily cut output after its main export route was compelled to shut.
While US President Donald Trump earlier stated he is considering a “massive attack” on Iran because Tehran has not “received enough pain yet” and that he is near a decision to resume major military operations. Iran’s Foreign Minister Abbas Araghchi said that “mindless aggression” will only see Trump pay a “heavier price” for a deal to end the war.
US military on Thursday night launched a 13th consecutive night of strikes against Iran, hours after US President Donald Trump said he was considering expanding military operations with attacks that would be larger than those carried out during Operation Epic Fury. In a post on X, US Central Command (CENTCOM) said the latest strikes began at 6:45pm ET. “US forces started another night of strikes against Iranian military targets at 6:45 pm ET today. This is the 13th consecutive night of strikes aimed to hold Iran accountable and diminish threats from the Islamic Revolutionary Guard Corps to commercial shipping,”