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Oil prices rise as U.S.-Iran conflict keeps shipping risk elevated

Brent was up 1.57% to $92.44 and WTI up 1.39% to $85.51, both at five-week highs, after the 11th straight evening of U.S. strikes targeting Iranian assets.

Reported · Written up by our desk · Energy

Oil prices climbed in early Asian trade as renewed U.S.-Iran hostilities showed no signs of slowing, with geopolitics continuing to stoke risk for energy and shipping.

At the time of writing, Brent crude traded at $92.44, up 1.57% on the session, while West Texas Intermediate was at $85.51, up 1.39%. Both benchmarks were reported at five-week highs and have been steadily rising since lows over the July 4 weekend.

OilPrice said the latest jump was driven by another night of U.S. military operations against Iranian targets, described as the 11th consecutive evening of strikes. U.S. Central Command, or CENTCOM, said American forces targeted Iranian military operations centers, maritime assets, aircraft hangars, drone storage facilities, and logistics infrastructure to degrade Iran’s ability to threaten commercial shipping.

CENTCOM also claimed Iran has attacked more than 30 commercial vessels over the past three months, while insisting commercial traffic can still use the waterway. The report added that a key escalation point to watch is the Red Sea, where Yemen’s Iran-backed Houthi movement has threatened to target vessels carrying Saudi cargo.

Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%

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