Brent Crude Surges 4% to $113, Highest Since May
Translated & summarized from Arab48 by baba
Brent crude futures surged nearly 4% to $113.10 per barrel on Thursday, the highest since May, amid fears of Middle East supply disruptions and attacks on energy facilities. U.S. crude also rose, reflecting global supply uncertainties due to regional tensions and attacks in Russia and Ukraine. U.S. President Donald Trump denied current negotiations with Iran, while reports suggest U.S.-Israeli preparations for conflict. Iran's Revolutionary Guard claimed to have targeted four ships in the Persian Gulf.
The story in 6 lines · by baba
- Brent crude futures reached $113.10 per barrel, a 4% increase and the highest since May.
- Concerns over Middle East oil supply disruptions and attacks on energy facilities drove the price hike.
- U.S. crude futures also climbed, settling at approximately $99.40 per barrel.
- Tensions in the Strait of Hormuz and Bab el-Mandeb, along with attacks in Russia and Ukraine, contributed to market uncertainty.
- U.S. President Donald Trump denied ongoing negotiations with Iran.
- Iran's Revolutionary Guard claimed to have targeted four ships in the Persian Gulf.
Brent crude futures jumped nearly 4% on Thursday, closing at approximately $113.10 per barrel, the highest level since May. This surge is attributed to concerns over potential disruptions to oil supplies in the Middle East and escalating attacks on energy facilities. U.S. WTI crude futures also rose, increasing by 2.3% to settle at around $99.40 per barrel.
The price hikes reflect ongoing uncertainty in global oil supplies, fueled by rising tensions in the Middle East, including worries about oil tanker traffic through the Strait of Hormuz and the Bab el-Mandeb strait in the Red Sea. The market also saw disruptions in the diesel sector, compounded by continued attacks on energy infrastructure in Russia and Ukraine, which raise fears about fuel availability.
U.S. President Donald Trump stated on Wednesday evening that the United States is not currently negotiating with Iran, adding that "things will happen soon one way or another." Western reports have suggested potential U.S.-Israeli preparations to resume conflict with Iran, with the timing remaining unclear and coinciding with the upcoming U.S. midterm elections on November 3.
Adding to energy supply concerns, Iran's Revolutionary Guard Corps announced Thursday that it had targeted four ships in the northern Persian Gulf, claiming they were involved in transferring oil from one vessel to another. These developments in the global energy market occur amidst persistent military tensions between the United States and Iran.
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