SINGAPORE – Global oil prices moved higher on Thursday as renewed US military action against Iran heightened concerns over the conflict’s impact on energy supplies and the future of shipping through the Strait of Hormuz, a key route for global crude exports.
Brent crude gained 88 cents, or 1.13%, to trade at $78.90 per barrel, while US West Texas Intermediate (WTI) crude rose 83 cents, or 1.13%, to $74.35 per barrel.
The upward trend followed a stronger rally in late Wednesday trading, when both Brent and WTI added more than $1 after reports of fresh US military strikes in Iran increased worries over potential disruptions to oil flows and reduced expectations for a near-term easing of tensions.
US Central Command (CENTCOM) said its forces had completed an additional round of strikes against Iran, July 8, to further degrade Iran’s ability to attack commercial shipping and innocent civilian mariners in the Strait of Hormuz.
“US forces struck approximately 90 Iranian military targets including air defense systems, coastal surveillance assets, missile and drone storage sites, naval capabilities, and military logistics infrastructure along Iran’s coastline. The latest strikes follow successful execution of offensive strikes in Iran the night before,” it said in a press releaes.
CENTCOM forces hit approximately 80 Iranian military targets July 7, including more than 60 Islamic Revolutionary Guard Corps small boats, to impose heavy costs for Iran violating the ceasefire by attacking three commercial vessels navigating the Strait of Hormuz.
US forces remain vigilant, lethal, and prepared to execute operations directed by the Commander in Chief.
