Oil Jumps More Than 3% as Middle East Tensions Escalate Again
Suehyeon Lee
Summary
- Renewed military tensions in the Middle East sent international oil prices sharply higher.
- Brent futures and West Texas Intermediate (WTI) rose to $96.47 a barrel and near $94 a barrel, respectively.
- Iran's ballistic missile launches and US President Donald Trump's calls for restraint from retaliation and a return to negotiations emerged as key factors for future oil-price moves.
Forecast Trend Report by Period
Oil prices surged after military tensions between Iran and Israel flared again.
On June 7, Bloomberg reported that Brent crude futures rose as much as 3.6% intraday to $96.47 a barrel. West Texas Intermediate climbed to near $94 a barrel.
The rally was triggered after Iran fired multiple ballistic missiles toward Israel. Tehran said the attack was a warning over Israel's military actions in Lebanon. Israel's military said it intercepted all of the missiles.
Meanwhile, President Donald Trump urged Iran to return to negotiations and called on Israel to avoid further retaliation. He also said he plans to ask Israeli Prime Minister Benjamin Netanyahu to refrain from retaliatory strikes.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
