Brent crude oil futures jump over 5% on Middle East supply fears
Brent crude oil futures surged past $107 a barrel due to escalating Middle East conflict and fears of supply disruptions.Summary
Brent crude oil futures increased by over 5.2% on Thursday, exceeding $107 per barrel, as the ongoing conflict in the Middle East heightened concerns about potential supply disruptions and continued market volatility. The price increase follows previous gains driven by disruptions around the Strait of Hormuz, a crucial oil transit route. Analysts caution that further interruptions to traffic through Hormuz could lead to even higher prices. Despite White House efforts for peace talks, Iran has rejected US proposals and demanded sovereign control over the strategic shipping lane. BlackRock's Rob Kapito warned that oil prices could reach $150 a barrel even with a swift end to the conflict, citing the time needed for supply chain recovery. Conflicting statements from Iranian and US officials further complicate the situation, with Iran denying ongoing negotiations and President Trump criticizing Iranian negotiators.
(Source：usmuslims.com)
