On Thursday, oil prices continued to climb, with Brent crude futures increasing by 0.62% to $101.84 per barrel and U.S. West Texas Intermediate futures rising 1.01% to $96.06 per barrel. This surge follows the U.S. military's destruction of five Iranian crude oil tankers in response to attempted attacks on an American warship, which heightened fears of further conflict in the region.
Daan Struyven, co-head of global commodities research at Goldman Sachs, indicated that the ongoing U.S.-Iran conflict could push oil prices above $120 a barrel if shipping attacks escalate. Additionally, concerns about declining transit volumes and threats to energy infrastructure could further tighten the physical oil market, leading to sustained price increases.
Analysts noted that WTI prices have rebounded from earlier selloffs, while Brent prices are now significantly higher than levels seen in early June