Missiles flying again, breaking Trump's peace deal! Two major crude oil futures surge over 3%
Israel and Iran have reignited military conflict. Despite U.S. President Trump's announcement of a peace deal in the Middle East a month ago, the flames of war seem to be intensifying. As news broke of missile exchanges, international oil prices spiked on Monday, with both major crude oil futures benchmarks rising more than 3%. (Israel's large-scale ground invasion of Lebanon triggered a 2% jump in international crude futures.) With the Middle East conflict heating up, international oil prices soared by 3%. According to CNBC, as military tensions escalate between Israel and Iran, there’s a surge in risk-off sentiment in the international oil market, with concerns that the supply chain could be severely affected. Brent crude futures jumped 3.18%, reaching $96.53 per barrel before press time; WTI crude futures also climbed 3.46%, hitting $93.81 per barrel. The missile exchanges between Israel and Iran have shattered the ceasefire established in April, with Trump’s request for Israel to delay attacks ignored. Iran retaliated with a new wave of missile strikes on Israel in response to Israeli military actions in Lebanon, prompting Israel to launch counterattacks on Iranian military targets in the central and western regions, with explosions reported in multiple cities. This marks the most severe exchange of fire since the ceasefire agreement in April. Despite President Trump's continuous calls for Tehran to return to the negotiating table and his request for Israel to hold off on retaliation, the Middle East situation seems increasingly beyond U.S. control. (Trump urged six Middle Eastern countries to join the Abraham Accords to end hostilities, with S&P 500 futures hitting an all-time high.) The Strait of Hormuz remains blocked, and OPEC+ has decided on a modest production increase. The Organization of the Petroleum Exporting Countries and its partners (OPEC+) announced a statement agreeing to increase production by 188,000 barrels per day starting in July, marking the fourth approval of quota adjustments since the blockade of the Strait of Hormuz. This increase matches that of June, but due to the United Arab Emirates (UAE) exiting the organization, the current production increase is below the daily 206,000 barrels seen in April and May. Despite OPEC+ continuing to release capacity, the slight increase in production remains inadequate to quell market fears over potential disruptions to crude oil supply and rising prices. This article, "Missiles flying again, breaking Trump's peace deal! Two major crude oil futures surge over 3%", first appeared on <a>...</a>.
Israel and Iran have reignited military conflict. Despite U.S. President Trump's announcement of a peace deal in the Middle East a month ago, the flames of war seem to be intensifying. As news broke of missile exchanges, international oil prices spiked on Monday, with both major crude oil futures benchmarks rising more than 3%. (Israel's large-scale ground invasion of Lebanon triggered a 2% jump in international crude futures.) With the Middle East conflict heating up, international oil prices soared by 3%. According to CNBC, as military tensions escalate between Israel and Iran, there’s a surge in risk-off sentiment in the international oil market, with concerns that the supply chain could be severely affected. Brent crude futures jumped 3.18%, reaching $96.53 per barrel before press time; WTI crude futures also climbed 3.46%, hitting $93.81 per barrel. The missile exchanges between Israel and Iran have shattered the ceasefire established in April, with Trump’s request for Israel to delay attacks ignored. Iran retaliated with a new wave of missile strikes on Israel in response to Israeli military actions in Lebanon, prompting Israel to launch counterattacks on Iranian military targets in the central and western regions, with explosions reported in multiple cities. This marks the most severe exchange of fire since the ceasefire agreement in April. Despite President Trump's continuous calls for Tehran to return to the negotiating table and his request for Israel to hold off on retaliation, the Middle East situation seems increasingly beyond U.S. control. (Trump urged six Middle Eastern countries to join the Abraham Accords to end hostilities, with S&P 500 futures hitting an all-time high.) The Strait of Hormuz remains blocked, and OPEC+ has decided on a modest production increase. The Organization of the Petroleum Exporting Countries and its partners (OPEC+) announced a statement agreeing to increase production by 188,000 barrels per day starting in July, marking the fourth approval of quota adjustments since the blockade of the Strait of Hormuz. This increase matches that of June, but due to the United Arab Emirates (UAE) exiting the organization, the current production increase is below the daily 206,000 barrels seen in April and May. Despite OPEC+ continuing to release capacity, the slight increase in production remains inadequate to quell market fears over potential disruptions to crude oil supply and rising prices. This article, "Missiles flying again, breaking Trump's peace deal! Two major crude oil futures surge over 3%", first appeared on <a>...</a>.