Brent crude crossed USD 79 as fresh US strikes on Iran fuel supply fears
New Delhi, July 9
Brent crude prices surged sharply on Thursday, reaching USD 78/barrel following the fresh US strikes on Iran and renewed concerns over supply disruptions in the Middle East.
Brent crude was trading at USD 78.68/barrel, up 0.95 per cent (USD 0.74) from the previous close of USD 78.02 at the time of writing this article. It hit a day high of USD 79.15 per barrel while crude oil was trading at USD 74.22 per barrel, surging 0.92 per cent/ 0.68 cents.
Both Brent and WTI crude futures had already climbed more than USD 1 in after-hours trading on Wednesday after US military launched a fresh wave of strikes on Iran.
US stocks ended mixed on Wednesday after President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran was "over," reigniting concerns over escalating tensions in the Middle East and driving oil prices sharply higher.
Meanwhile, the Dow Jones Industrial Average tumbled 576.76 points, or 1.09 per cent, to 52,348.39, while the S&P 500 slipped 0.28 per cent to 7,482.71. In contrast, the Nasdaq Composite edged up 0.2 per cent to close at 25,870.65.
Oil prices surged, with Brent crude settling 5.43 per cent higher at USD 78.19 per barrel and West Texas Intermediate (WTI) rising 4.37 per cent to USD 73.52 per barrel, as renewed geopolitical tensions raised fears of potential supply disruptions.
American forces carried out fresh strikes on Iran on Wednesday night, the US Central Command said, just hours after President Donald Trump declared an end to the eight-week ceasefire.
US President Donald Trump signalled the possibility of another round of military strikes against the Islamic Republic. Referring to Tuesday's attacks, Trump said Washington had already struck Tehran "very hard" and warned that further military action could follow.
Trump accused Iranian leaders of repeatedly shifting their position during negotiations, calling them "cuckoo" and claiming that Tehran had privately indicated its willingness to reach a deal before publicly reversing its stance.
"They'll agree on everything, and then they'll go and have a news conference and say we never even talked about it," Trump said.
— ANI
Reader Comments
Another volatile day for oil markets. It's frustrating how quickly geopolitical tensions can send prices soaring. Here in the US, we're paying more at the pump too, but I can't imagine what it's like for people in India where fuel already takes up a huge chunk of household budgets.
Jab bhi America aur Iran ke beech tension hoti hai, humein petrol mehnga padta hai. 🥲 Mera personal budget to pura bigad gaya hai. Kab tak yeh chalta rahega? Dono countries ko baith ke baat karni chahiye, na ki ladai karni chahiye.
It's a never-ending cycle. As soon as one ceasefire is announced, another strike happens. The markets react instantly, and consumers pay the price. I wonder if there's any real diplomatic solution in sight or if we're just going to keep bouncing between volatility and uncertainty.
As India imports most of our crude, yeh tension directly hamare forex reserves aur inflation ko impact karta hai. 🚛 Petrol-Diesel ke saath-saath, har cheez mehngi ho jati hai. Yeh geo-politics ka mamla hai, lekin hum jaisa common aadmi toh bas mehngai sehna seekh raha hai.
The irony is that both sides claim to want peace, but actions speak louder than words. 🌍 The global economy is already fragile, and this kind of instability is the last thing we need. I'm keeping an eye
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