Oil climbs over $1 a barrel as expert warns of ‘day of reckoning’
Oil climbs over $1 a barrel as expert warns of ‘day of reckoning’ Crude oil futures climbed over $1 a barrel on tanker attacks and a lack of progress on a peace agreement between the US and Iran. Reuters reported that Brent futures settled at $88.52 a barrel, up $1.45, or 1.67percent. US West Texas Intermediate crude futures finished at $82.40, up $1.15, or 1.42 percent. Brent and WTI were on…
Crude oil prices surged past the $1 per barrel mark as a result of tanker assaults and the absence of progress towards a peace deal between the United States and Iran, according to Reuters. Brent futures ended at $88.52 a barrel, marking a $1.45 increase or 1.67 percent, while US West Texas Intermediate crude futures closed at $82.40 per barrel, up $1.15 or 1.42 percent.
Analyst Andrew Lipow of Lipow Oil Associates expressed optimism about the market's upward trajectory heading into the weekend, citing the impact of recent tanker attacks and the lack of a ceasefire agreement. Lipow cautioned that a "day of reckoning" might be imminent if shipping through the Hormuz Strait continues to face restrictions, as higher crude oil prices could lead to elevated diesel and gasoline costs for consumers.
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