Global oil prices rise as U.S.-Iran war raises supply concerns
Global oil prices rose on Thursday, with Brent crude hitting $107 per barrel after a sharp rise in attacks on shipping heightened concerns about further supply disruptions.
Brent crude rose 6.1% to $107.40 per barrel, while U.S. crude rose 6.2% to reach $102 per barrel for the first time since May.
Prices rose as maritime attacks intensified in the Strait of Hormuz and the Red Sea.
The U.S. and Iran have continued exchanging strikes while Iran-backed Houthis have also attacked Saudi Arabia.
However, U.S. President Donald Trump on Wednesday night promised a speedy return of cheap energy.
“Prices right after this very important election on November 3rd will be plummeting,” Mr Trump said. “The war will be over very shortly after the election.”
Jim Burkhard, global head of crude oil research at S&P Global Energy, was quoted as saying the market is “not returning to calm.”
“It is adjusting to the new normal defined by unresolved conflict and persistent Maritime risk,” Mr Burkhard said in a report.
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