Oil prices jumped about 2% in early Thursday trading after reports offresh US strikes on an Iranian military site. Three explosions were reported east of Bandar Abbas early Thursday morning, according to Iran’s state-run Fars News Agency, which said air defence systems in the southern Iranian city were briefly activated following the blasts. Shortly afterwards, Reuters reported that the US military had carried out fresh strikes on an Iranian military site, citing an unnamed US official.
Brent crude futures rose $1.90, or 2.02%, to $96.19 a barrel by 0015 GMT, while the more active August contract gained $1.64 or 1.78%, to $93.89. The US-Ira-Israel war, which began with US and Israeli forces carrying out joint strikes on Iran on February 28, has caused an unprecedented oil supply shock, pushing up the costs of fuel, fertiliser, and food.
Notably, the strikes came hours after United States President Donald Trump said that Iran is "negotiating on fumes" and insisted that November’s midterm elections won’t make him rush into a deal to end the nearly three-month-old conflict that’s spurred unease across the global economy.
The US is reportedly looking for a settlement that will reopen the Strait of Hormuz and provide it with a credible argument that Iran’s nuclear capability has been diminished enough to declare victory, winding down a conflict that’s been politically unpopular for Republicans.
The US military also carried out strikes in southern Iran on Monday, in what it described as defensive action, but which Iran said was a "gross violation" of their ceasefire.
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Apoorva Shukla is a journalist at Times Now, where she thrives on dissecting political developments both at home and abroad. A graduate of Delhi Univ...View More
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