Global crude oil prices surged on Wednesday after the United States carried out retaliatory strikes against Iran, raising concerns over further escalation in West Asia and its impact on energy markets.
Brent crude, the global benchmark, climbed 3.2% to an intraday high of $76.60 per barrel, compared with the previous close of $74.16, according to Investing.com data.
At 9:31 am IST, Brent was trading 2.6% higher at $76.09 per barrel. US West Texas Intermediate (WTI) crude futures also gained 2.6% to $72.33 per barrel from the previous close of $70.44.
The price rise followed US strikes on more than 80 targets in Iran on July 7, in response to alleged Iranian attacks on commercial vessels passing through the Strait of Hormuz.
The US Central Command said the strikes targeted Iranian air defence systems, command networks, coastal radar sites, anti-ship missile facilities, and over 60 Islamic Revolutionary Guard Corps boats.
The US also reimposed sanctions on Iranian oil exports, adding pressure on global supply concerns. Iran’s Khatam al-Anbiya Central Headquarters warned of a “crushing response” to the attacks.
Oil prices have gained over 6% in the last five sessions but remain down nearly 19% over one month and around 20% over three months.
Meanwhile, COMEX gold prices declined 0.49% to $4,137.20 per ounce as a stronger US dollar reduced demand for the precious metal. The dollar index rose 0.08% to 101.11 amid heightened geopolitical uncertainty.
Hormuz on the Brink: Reported Iranian Maritime Attacks Prompt U.S. Retaliatory Strikes
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