Brent Oil Price Tops $93 as U.S.-Iran Impasse Persists
Brent Crude futures prices topped $93 per barrel early in the morning in Europe on Thursday, hitting a three-week high amid fading hopes of U.S.-Iran talks as President Trump announced an “unprecedented” economic pressure campaign against Iran. In early morning trade in Europe, the international benchmark crude, Brent, rose by 1.95% to top $93 per barrel, at $93.48. The U.S. benchmark, WTI Crude,…
Brent Crude futures prices surged past $93 per barrel early Thursday in Europe, marking a three-week high, as hopes for U.S.-Iran talks faded. This rise came after President Trump announced an "unprecedented" economic pressure campaign against Iran. U.S. crude, WTI, breached the $85 per barrel mark, trading 2% higher at $86.12. Oil prices had been climbing for five consecutive days, fueled by Trump's warning of "TREMENDOUS Economic Consequences" for any country aiding Iran.
The surge was driven by apprehension over stricter sanctions and potential supply disruptions in the Middle East. Despite the price rise, analysts noted that the market still underestimated the impact of supply constraints, with Brent crude trading around $90 per barrel, far below the peaks seen during past conflicts. Saxo Bank's Ole Hansen highlighted that the real stress in the oil market is downstream, citing a triple-digit diesel crack spread in the U.S. for the first time ever.
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