Summary
- Brent and WTI futures prices rose about 4%%, extending a sharp rally.
- Geopolitical tensions are rising after reports that Iran attacked a US warship, increasing energy-market volatility.
- Markets are watching how the possibility of a military clash in the Strait of Hormuz could affect the global oil supply chain.
International oil prices surged, with energy-market volatility increasing as geopolitical tensions escalated after a report that Iran attacked a US warship.
According to Walter Bloomberg, a breaking-news account on X, Brent crude and West Texas Intermediate futures rose about 4% on May 4, extending earlier gains.
The rally followed a report that Iran had claimed responsibility for attacking a US warship. Rising tensions in the Middle East have stoked concern over possible disruptions to global crude supplies, helping drive prices higher.
Markets are also focused on the risk that a military clash around the Strait of Hormuz could have a broader impact on global oil supply chains.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
