Crude Oil Prices Surge to $90 Amid Heightened Geopolitical Tensions
Crude oil prices soared to $90.65 per barrel on Thursday, propelled by escalating geopolitical tensions.
Brent crude futures for June witnessed a robust increase of $1.30, or 1.5 percent, settling at $90.65 a barrel. Similarly, US West Texas Intermediate (WTI) futures for May surged by $1.16, or 1.4 percent, reaching $86.59 a barrel.
Thursday’s closure marked the highest levels for both contracts since October of the previous year, as they garnered support from mounting geopolitical tensions and potential supply risks.
The surge in oil prices comes on the heels of reports indicating heightened security measures at Israeli embassies across the US, driven by mounting threats of an Iranian assault targeting Israeli diplomats.
This surge follows Iran’s vow to retaliate against Israel for an attack earlier in the week that claimed the lives of senior Iranian military figures. It’s worth noting that Iran stands as the third-largest producer within OPEC.
In an unexpected turn, Washington issued its sternest public admonition toward Israel since the onset of its conflict with Hamas, cautioning that US policy toward Gaza hinges on Israel’s actions to ensure the safety of Palestinian civilians and humanitarian workers.
Furthermore, on Thursday, the US imposed fresh counter-terrorism sanctions targeting Oceanlink Maritime DMCC and its vessels, citing their involvement in shipping commodities on behalf of the Iranian military.
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