Following new US military attacks on Iran, oil prices rose on Thursday. Markets expressed concern that if the conflict prolongs, energy supply disruptions could last longer.
US crude oil futures for July delivery increased by 2.94% to $92.68 per barrel. The international benchmark Brent crude for August delivery rose 2.52% to reach $95.45.
US Central Command Announces New Attacks
The US Central Command announced that American forces launched additional defensive strikes against multiple targets in Iran at 17:15. The statement noted the operation was conducted under the commander-in-chief's orders in response to Iran's "unjust and ongoing aggression."
Iranian state media reported that Tehran carried out missile and drone attacks on US vessels operating in the Strait of Hormuz. This escalated tensions between the two sides to a more critical phase concerning maritime transport and energy flow.
Trump Warns of Harsher Military Response
US President Donald Trump warned during the day that Washington would intensify its military response against Iran. Trump also continued to pressure Tehran to reach an agreement with the US.
The new attacks indicate that the conflict between the US and Iran has escalated beyond the previous day's level, while investors are watching to see if the developments remain limited or evolve into a longer conflict.
Oil Market Tries to Absorb the Shock
Rystad Energy assessed that the current oil market is better prepared to absorb disruptions compared to past crises. The company cited record US crude oil exports, a softening in Chinese demand, and alternative export routes reducing dependence on the Strait of Hormuz as reasons.
Jorge Leon, a senior executive at the company, said the likelihood of a diplomatic breakthrough in the near term is low. He emphasized that this leaves oil prices vulnerable to sharp fluctuations and that markets are focused on whether tensions will remain under control.
