Oil prices surged on Thursday following the U.S. military's new strikes against Iran, with U.S. crude oil futures for July climbing 2.94% to $92.68 per barrel and Brent futures for August rising 2.52% to $95.45 per barrel. The U.S.
Central Command confirmed that these strikes were a response to Iran's ongoing aggression, which included missile and drone attacks on U.S. vessels in the Strait of Hormuz. President Donald Trump indicated a willingness to escalate military actions, further heightening tensions.
Despite this, Rystad Energy noted that the oil market is currently better equipped to handle disruptions compared to previous crises, thanks to record U.S. crude exports and alternative export routes.
However, Rystad's senior vice president Jorge Leon cautioned that the likelihood of a diplomatic resolution has decreased, leaving oil prices susceptible to volatility as investors evaluate the potential for a prolonged conflict