Crude prices rise above $90 per barrel on US-Iran strikes
HONG KONG - Oil prices jumped more than two percent Monday, with the Brent international benchmark rising above $90 a barrel after a fresh flare-up in the US-Iran war.
Oil prices surged over two percent on Monday, breaching the $90 per barrel mark for the first time, following a resurgence in the US-Iran conflict. The Brent international benchmark surged above $90 a barrel, while Wall Street stocks and other markets fluctuated as investors digested hawkish remarks from Federal Reserve Chair Kevin Warsh.
The price spike occurred following US claims of attacking Iranian rocket launchers on an island in the Strait of Hormuz, the first such strikes in a month. Iran retaliated by targeting US military installations in Jordan. President Trump vowed the US would retaliate against Iranian attacks on US targets in the Middle East. The escalating tensions renewed worries about the Gulf conflict, with peace talks seemingly stalled and the Strait of Hormuz, which carries a fifth of global crude and gas, largely closed.
Oil traders noted the move as a reminder of the rapid impact of geopolitical events on oil prices. Inflation remains a key concern, with the US Federal Reserve under pressure to act, but Chair Warsh's recent speech left little doubt that rate hikes could be forthcoming. Wall Street stocks initially dipped but later experienced a decline, with the Dow falling 0.5 percent.
Asian markets were mixed, with some gaining and others slipping. European markets saw mixed results, with London closed for a holiday. The next two weeks will see crucial data releases, including jobs figures and the consumer price index, as investors await the Federal Reserve's decision on interest rates.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
