U.S.-Iran conflict drives Brent crude to $105.24

U.S.-Iran conflict pushes Brent crude above $105

The U.S.-Iran conflict entering its seventh month and the intensification of attacks targeting maritime shipping have strengthened concerns that new disruptions to oil supplies could occur. Brent crude rose above $105 on Thursday amid these developments.

The price of Brent crude, considered the international benchmark, rose 4% to $105.24 a barrel. It reached its highest level since May.

The price of West Texas Intermediate crude (WTI), known as U.S. oil, rose 4.4% to $100.27 a barrel. WTI surpassed the $100 mark for the first time since May.

Trump said the war would end

Senior White House advisers privately discussed with U.S. President Donald Trump the possibility that the conflict could continue for the remainder of his term.

Speaking to reporters on Wednesday, Trump said the war would "end immediately" after the Nov. 3 midterm elections. Trump argued that the other side could not hold out much longer and said the conflict would end.

Oil market recoups part of its earlier losses

Rising geopolitical risks reversed part of the sharp decline in oil prices seen earlier in the year. While WTI recouped the losses it recorded in June and early July, Brent crude also traded well above its level from early June.

Source: Anadolu Ajansı

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U.S.-Iran conflict pushes Brent crude above $105

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U.S.-Iran conflict pushes Brent crude above $105

Stay Updated with Ally Daily

Trump said the war would end

Oil market recoups part of its earlier losses

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