Oil gains as Middle East hostilities, potential escalation stoke supply worries
President Donald Trump and his national security team have talked about possibly restarting large-scale U.S. military operations in Iran in the coming weeks, NBC News reported.
TL;DR
- Oil prices rose on Thursday amid heightened Middle East concerns.
- The U.S. is reportedly considering large-scale military operations in Iran.
- Brent crude futures gained 2.14% to $102.35 a barrel, and WTI futures advanced 1.78% to $89.85.
- Tensions have been rising with Iran-backed Houthis targeting Saudi airports and Iran attacking tankers in the Strait of Hormuz.
- Market analysts believe oil prices will remain linked to the security of Gulf export routes and infrastructure.
- Escalation affecting traffic through Hormuz or Saudi energy infrastructure would threaten supply and could increase prices.