Oil price rises above $117 a barrel amid fears US will renew strikes on Iran
Reported by The Guardian Business, not nibnow. We are not the publisher of this story, only the source is.
Higher oil prices can increase fuel and energy costs for consumers and businesses, and the rise above $117 a barrel reflects heightened market anxiety over possible renewed US strikes on Iran.
Brent crude increase follows Tehran threatening retaliatory attacks on Gulf refineries and datacentres Oil has hit its highest level in more than six months as fears of fresh escalation in the Middle East conflict grip the energy markets. Brent crude, the international benchmark for oil, rose by about 3.5% on Friday to pass $117 a barrel at one point – its highest level since April. Continue reading...
Brent crude is the international benchmark used to price oil worldwide, and geopolitical tensions in the Middle East, such as threats of attacks on Gulf refineries, often drive oil price volatility.
- •Potential US military actions against Iran and their impact on oil supply
- •Further developments in the Iran‑US conflict that could push prices higher or lower
- •Subsequent daily price movements in Brent crude as markets react to the situation