On Tuesday, Brent crude oil prices experienced a notable rise as traders reacted to U.S. military actions in southern Iran, which included strikes targeting vessels and missile launch sites that were perceived as threats to U.S. forces. The U.S. Central Command stated that these strikes were conducted in self-defense.
This geopolitical tension has contributed to fluctuations in oil prices, with Brent crude gaining 3% to reach $99.03 per barrel. In contrast, U.S. West Texas Intermediate futures for July saw a decline of 4%, trading at $92.73 per barrel, reflecting the market's mixed sentiment and the absence of a price settlement on Monday due to the Memorial Day holiday.
The situation underscores the ongoing volatility in the oil market, influenced by geopolitical developments and the uncertain nature of U.S.-Iran negotiations