Crude oil jumps nearly 5 percent toward $80 on strikes
Brent crude rose more than four percent to near $80 a barrel after reports of further strikes involving the U.S. and Iran. WTI posted similar gains.
Topic cluster
volatile
2 sources grouped by AFBytes in Economy
AFBytes briefing
Higher energy prices raise gasoline and heating costs for households and increase input expenses for businesses.
Key entities
- Crude
- Oil Prices
- Strait Of Hormuz
What to watch next
- Monitor weekly U.S. inventory data and any diplomatic statements for signs of supply disruption duration.
- Watch weekly EIA inventory data and any OPEC+ statements for supply response signals.
Oil prices jump nearly 3 percent on Iran strikes
Oil prices increased nearly 3 percent in early trading. The move followed US strikes on Iranian military sites.