American media reported a new increase in US crude oil prices, amid the continued closure of the Strait of Hormuz and the state of conflict between America and Iran.
Exclusive Follow-ups – Al-Khabar Al-Yemeni:
US crude futures closed higher on Thursday by about two dollars, or 2.33%, settling at $87.83 per barrel, a jump reflecting escalating fears in global energy markets.
The increase came in parallel with a new American escalation against Iran, after Washington announced the imposition of wide-ranging sanctions on Tehran, while the Iranian Foreign Ministry described the measures as “economic terrorism.”
Investor fears are growing over the repercussions of any potential Iranian response through the Strait of Hormuz, or the targeting of oil facilities in the region, which enhances the geopolitical risk premium and pushes oil prices higher.
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