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Highlights:
- Oil Prices Surge: Brent Crude (ASX:WPL) futures rose 3.3% to $US82.30 per barrel, while US West Texas Intermediate (WTI) Crude (ASX:STO) futures increased 4.2% to $US80.06 per barrel, driven by fears of a widening conflict in the Middle East.
- US Military Deployment: The US Defence Department plans to send a guided missile submarine to the Middle East amid concerns about potential attacks on Israel by Iran, which could lead to embargoes on Iranian crude exports.
- Previous Week’s Gains: Last week, Brent Crude and WTI Crude saw increases of 3.7% and 4.5%, respectively, bolstered by stronger-than-expected US jobs data and speculation about a possible interest rate cut.
Oil prices jumped by more than 3% yesterday, marking their fifth consecutive session of gains, as fears of a widening conflict in the Middle East heightened concerns about potential disruptions to global crude oil supplies.
Global benchmark Brent Crude (ASX:WPL) futures closed at $US82.30 per barrel, a rise of $US2.64, or 3.3%. US West Texas Intermediate (WTI) Crude (ASX:STO) futures settled at $US80.06 per barrel, up $US3.22, or 4.2%. Notably, Brent Crude recorded its largest single-session percentage increase of the year.
The surge in oil prices follows the US Defence Department's announcement over the weekend of a plan to deploy a guided missile submarine to the Middle East. This move comes in anticipation of potential attacks on Israel by Iran and its allies, which could prompt the United States to impose embargoes on Iranian crude exports.
In the previous week, Brent Crude gained 3.7% while WTI Crude rose 4.5%, driven by stronger-than-expected US jobs data and growing expectations for an interest rate cut in the world's largest crude oil consumer.
