Oil climbs as Middle East conflict fuels supply fears | News. az
Oil prices extended their gains on Wednesday as U. S. President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes targeting U. S. infrastructure across the region,. . .
Oil prices extended their gains on Wednesday as U. S. President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes targeting U. S. infrastructure across the region, intensifying concerns over energy supplies. Brent crude futures rose 58 cents, or 0. 7%, to $85. 31 a barrel by 0630 GMT, while U. S. West Texas Intermediate (WTI) crude futures gained 35 cents, or 0. 4%, to $79. 69 a barrel,News. Azreports, citingReuters. Both benchmarks had already climbed about 2% on Tuesday, closing at their highest levels in a month after renewed attacks worsened supply disruptions in theStrait of Hormuz. Before the outbreak of the U. S. -Israeli war against Iran, roughly one-fifth of the world's oil and liquefied natural gas shipments passed through the strategic waterway. RECOMMENDED STORIESUS sanctions 50 Iran-linked people, firms and vesselsTrump threatens strikes on Iran's bridges, power plants -VIDEOJordan says it intercepted three Iranian missilesIran threatens to block more vital seaways as Trump orders renewed Iran blockadeThe U. S. military said early on Wednesday that it had launched a fresh wave of strikes aimed at further degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz. Iran has once again declared the strait closed after hostilities with the United States reignited last week, undermining a fragile truce reached in June following several months of fighting. The renewed escalation over the past few days has also raised fresh doubts over whether a memorandum of understanding signed last month can ultimately pave the way for a permanent end to the conflict, which has spread beyond Iran and affected neighboring countries. Iran's Islamic Revolutionary Guard Corps (IRGC) said it had targeted weapons depots and storage facilities in Bahrain and Kuwait. Reuters said it could not immediately verify those claims. News. AzBy Nijat Babayev