Brent Prices Spike on Concerns of Prolonged Iran Conflict
On Thursday, the price of Brent crude jumped to its highest in four years as fears of an escalation in the military conflict between the United States and Iran worsened. The conflict has disrupted shipping through the Strait of Hormuz where 20% of global oil supplies transit as they head to international markets. Brent futures rose by 3.6% to reach $122.3 a barrel, the highest price it has reached since March 2022. Brent crude for delivery in July was priced at $112.4, reflecting some hope that the shipping disruptions will have eased by then. West Texas Intermediate oil was selling…
