Global oil prices climbed again on May 8 following renewed escalation between the United States and Iran. The increase came after both sides accused each other of violating the ceasefire and carrying out attacks near the Strait of Hormuz, a key route for global oil and gas supplies.
Reuters reported this.
Details
Oil prices jumped sharply after reports of renewed fighting. Brent crude oil futures rose to $100.73 per barrel, while West Texas Intermediate reached $95.26. At the opening of trading, prices briefly surged by more than 3%.
The latest spike followed Iranian claims that Washington violated the month-long ceasefire. Tehran said US forces attacked an oil tanker and coastal areas near Qeshm Island.
US officials, meanwhile, said the strikes responded to an Iranian attack on American naval ships passing through the Strait of Hormuz.
Analysts say the oil market is reacting primarily to risks surrounding the strait, which handles a significant share of global energy exports. Investors fear the escalation could disrupt supplies.
Reuters also reported that the US Commodity Futures Trading Commission is investigating about $7 billion worth of oil market transactions. The probe focuses on trades made shortly before President Donald Trump commented on a possible ceasefire and a delay in military strikes.
Context
Tensions in the Middle East escalated sharply after reports of attacks on US naval vessels near the Strait of Hormuz and subsequent American retaliatory strikes.
Despite the renewed escalation, Trump said he does not view the situation as a return to full-scale war and supports continuing negotiations with Tehran.
Earlier, The Ukrainian Review reported that Trump warned of a sharp escalation if Tehran refuses Washington’s terms.
