Texas oil jumps 6.28% in first session after start of war in Iran
Analysts pointed today to the rapid escalation in the conflict after Iran retaliated, and especially to the risk for the Strait of Hormuz, through which about 15 million barrels of crude transit daily.
TL;DR
- Texas Intermediate (WTI) crude oil rose 6.28% to $71.23 a barrel.
- The surge followed a U.S. and Israeli offensive against Iran, raising concerns about global crude supply.
- Analysts highlighted the conflict's escalation and the risk to the Strait of Hormuz, a major oil transit route.
- An Iranian general warned of consequences for any ship attempting to cross the Strait of Hormuz.
- U.S. President Donald Trump stated the operation against Iran, focused on nuclear weapons, could last over five weeks.
- The operation, 'Epic Fury,' reportedly involved the assassination of Iran's supreme leader, Ayatollah Ali Khamenei.
- OPEC+ announced a production increase of 206,000 barrels per day, but analysts believe this may not calm markets immediately.