Oil Prices Jump After U.S. and Iran Exchange Fire in Strait of Hormuz
and Iran Exchange Fire in Strait of Hormuz Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices surged in early Asian trade on Friday after Iran and the U.S.
exchanged fire in the Strait of Hormuz, threatening to break the very fragile ceasefire that has held for a month so far.
At the time of writing,Brent crudehad climbed 2.64% to $102.70 per barrel, whileWest Texas Intermediatewas trading 1.95% higher at $96.66.
The latest escalation in the conflict has been the most serious confrontation since the ceasefire took effect in early April, with Iran's militaryaccusingthe U.S.
of violating the ceasefire by targeting an Iranian oil tanker and another vessel.
When asked whether the ceasefire was still in effect, Trump suggested it was still in effect because if it wasn't, then there would be "one big glow coming out of Iran".
strikes inside Iran but described them as "self-defense strikes" after "unprovoked Iranian attacks".
destroyers transited the Strait of Hormuz and came under fire from Iranian missiles, drones, and small boats.
claimed it then "eliminated inbound threats and targeted Iranian military facilities responsible for attacking U.S.
forces." President Trump later said that “There was no damage done to the three Destroyers, but great damage done to the Iranian attackers.” The renewed hostilities come just days after Iranian attacks on UAE targets set an oil facility in Fujairah ablaze, leading Trump to pause "Project Freedom" due to frustration from his GCC allies.
Reporting from the Financial Timessuggeststhat the attempt to guide merchant vessels through the Strait had to be paused after Saudi Arabia refused to allow Washington to use its bases and airspaces for the mission.
The suspension of Project Freedom, apparent tensions between the U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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