This comes amid a rise in Iranian attacks on oil tankers in the Middle East and the Strait of Hormuz, including one near Iraq on a tanker owned by the U.S.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf on Thursday warned against any aggression toward the country’s islands.
“Homeland or Death! Any aggression against soil of Iranian islands will shatter all restraint. We will abandon all restraint and make the Persian Gulf run with the blood of invaders,” Ghalibaf said in a post on X.
This comes amid a rise in Iranian attacks on oil tankers in the Middle East and the Strait of Hormuz, including one near Iraq on a tanker owned by the U.S.
Analysts Explain Why Crude Oil Is Still Boiling
Analysts at ING Think explained why crude oil prices have continued to rise despite a record release of 400 million barrels coordinated with the International Energy Agency.
“There are no signs of de-escalation in the Persian Gulf, so there is no end in sight to the disruptions to oil flows through the Strait of Hormuz,” the firm stated in a recent note.
U.S. West Texas Intermediate (WTI) crude futures maturing in April rose more than 4% to $91. Brent crude futures expiring in May also surged about 5% to hover around $96.5 a barrel.
The United States Oil Fund ETF (USO) was up over 3%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up more than 2% at the time of writing.
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