On Thursday, oil prices increased as Brent crude futures rose by 1.5% to $92.10 per barrel, while U.S. West Texas Intermediate futures climbed 0.9% to $85.23 per barrel.
This surge comes after the U.S. launched extensive strikes against Iran in retaliation for missile attacks on American forces, signaling a potential escalation in the ongoing conflict that has already affected oil markets and shipping routes through the Strait of Hormuz. The U.S.
Central Command characterized the strikes as a 'powerful response' to Iranian aggression, targeting various military assets of the Islamic Revolutionary Guard Corps. The situation remains fluid, with traders also anticipating an OPEC+ meeting on Sunday, where a supply increase of 188,000 barrels per day is expected for September.
Analysts from ING highlighted that uncertainty regarding OPEC+ policies could influence market dynamics through 2027, particularly concerning output quotas