Oil jumps more than 1% after US attack on Iran's Larak island
SINGAPORE: Oil prices jumped more than $1 a barrel on Monday after the US attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month. Brent crude futures climbed $1.08, or 1.23%, to $89.18 a barrel as at 0040 GMT while US West Texas Intermediate crude was at $84.32, up 92 cents, or 1.10%. US forces struck two launchers on Iran’s Larak island in the Hormuz strait on Sunday, the first known American strikes on the Gulf nation since late July. In response, Iran attacked two US air bases in Jordan, Iranian media reported on Monday citing Iran’s Revolutionary Guards. “Looks like we are in another escalation phase. How long that lasts is impossible to determine. Could be days, could be weeks,” IG market analyst Tony Sycamore said. Technical charts showed that if the conflict escalated and pushed WTI above resistance at $85.80 to $85.90 a barrel, it would open the way for further gains, initially to last week’s $87.69 high followed by July’s $93.50 high, Sycamore said. Negotiations to end the conflict are at an impasse while mediators work to reopen the Strait of Hormuz, through which a fifth
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Oil jumps more than 1% after US attack on Iran's Larak island
SINGAPORE: Oil prices jumped more than $1 a barrel on Monday after the US attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month. Brent crude futures climbed $1.08, or 1.23%, to $89.18 a barrel as at 0040 GMT while US West Texas Intermediate crude was at $84.32, up 92 cents, or 1.10%. US forces struck two launchers on Iran’s Larak island in the Hormuz strait on Sunday, the first known American strikes on the Gulf nation since late July. In response, Iran attacked two US air bases in Jordan, Iranian media reported on Monday citing Iran’s Revolutionary Guards. “Looks like we are in another escalation phase. How long that lasts is impossible to determine. Could be days, could be weeks,” IG market analyst Tony Sycamore said. Technical charts showed that if the conflict escalated and pushed WTI above resistance at $85.80 to $85.90 a barrel, it would open the way for further gains, initially to last week’s $87.69 high followed by July’s $93.50 high, Sycamore said. Negotiations to end the conflict are at an impasse while mediators work to reopen the Strait of Hormuz, through which a fifth
