EMEA Oil Update: Brent Nears $80 on Renewed US-Iran Hostilities
Oil prices surged near multi-week highs on Thursday after US President Donald Trump called the US-Iran ceasefire "over," following US military strikes against Iranian targets triggered by renewed attacks on commercial shipping in the Strait of Hormuz. Brent crude futures steadied at $78.03 per barrel after briefly hitting over $80 a barrel in the previous session, its highest since June 22, while Murban crude futures held steady at $73.85/bbl and hit their highest since June 17 on Wednesday. Trump said that as far as he is concerned, the Pakistan-mediated interim MOU with Iran is "over," dismissing the fragile ceasefire accord as "a waste of time." Speaking ahead of a NATO summit in Turkey, Trump's rhetoric signaled a sharp escalation in Middle East military actions. However, analysts cautioned that the remarks may not entirely preclude future diplomatic maneuvers. Trump's remarks on Wednesday that the MOU with Iran was over do not necessarily signal the end of negotiations between the two countries, and little should be read into them until more clarity emerges, energy sector analysts told. On the geopolitical front, the US Central Command said it launched a second.
Oil prices surged near multi-week highs on Thursday after US President Donald Trump called the US-Iran ceasefire "over," following US military strikes against Iranian targets triggered by renewed attacks on commercial shipping in the Strait of Hormuz.
Brent crude futures steadied at $78.03 per barrel after briefly hitting over $80 a barrel in the previous session, its highest since June 22, while Murban crude futures held steady at $73.85/bbl and hit their highest since June 17 on Wednesday.
Trump said that as far as he is concerned, the Pakistan-mediated interim MOU with Iran is "over," dismissing the fragile ceasefire accord as "a waste of time." Speaking ahead of a NATO summit in Turkey, Trump's rhetoric signaled a sharp escalation in Middle East military actions.
However, analysts cautioned that the remarks may not entirely preclude future diplomatic maneuvers.
Trump's remarks on Wednesday that the MOU with Iran was over do not necessarily signal the end of negotiations between the two countries, and little should be read into them until more clarity emerges, energy sector analysts told.
On the geopolitical front, the US Central Command said it launched a second.