EMEA Oil Update: Oil Surges to 2-Week High as US-Iran Ceasefire Fractures
Crude prices rallied to a two-week high on Wednesday after US-Iran peace deal neared collapse, triggered by tit-for-tat military strikes in the Persian Gulf and Washington's immediate revocation of a key Iranian oil sanctions waiver. Front-month Murban crude futures advanced 5.9% to $73.07 per barrel, while Brent futures climbed 5% to $77.89/bbl and hit their highest since June 22. Global energy markets experienced renewed volatility as US President Donald Trump declared the interim memorandum of understanding with Iran is "over" on Wednesday. UK Maritime Trade Operations confirmed that two separate commercial tankers transiting the vital choke point sustained minor structural damage after being struck by unmanned aerial vehicles. The US Central Command launched retaliatory military strikes against regional targets in response to Iran's attacks on three transiting tankers. Meanwhile, Iran's Islamic Revolution Guards Corps reportedly struck US military facilities in Bahrain and Kuwait with drones and missiles in retaliation for American airstrikes. "The renewed attacks have raised the prospect of a complete collapse of the interim peace deal and a subsequent stalling of the.
Crude prices rallied to a two-week high on Wednesday after US-Iran peace deal neared collapse, triggered by tit-for-tat military strikes in the Persian Gulf and Washington's immediate revocation of a key Iranian oil sanctions waiver.
Front-month Murban crude futures advanced 5.9% to $73.07 per barrel, while Brent futures climbed 5% to $77.89/bbl and hit their highest since June 22.
Global energy markets experienced renewed volatility as US President Donald Trump declared the interim memorandum of understanding with Iran is "over" on Wednesday.
UK Maritime Trade Operations confirmed that two separate commercial tankers transiting the vital choke point sustained minor structural damage after being struck by unmanned aerial vehicles.
The US Central Command launched retaliatory military strikes against regional targets in response to Iran's attacks on three transiting tankers.
Meanwhile, Iran's Islamic Revolution Guards Corps reportedly struck US military facilities in Bahrain and Kuwait with drones and missiles in retaliation for American airstrikes. "The renewed attacks have raised the prospect of a complete collapse of the interim peace deal and a subsequent stalling of the.