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Oil Rises on Growing Fears of Supply Disruptions in Iran
Oil prices rise after opening the session lower, driven by mounting concerns about potential U.S. actions in Iran and the risk of supply disruptions in the region.
Brent crude and WTI both rise 0.7% to $65.94 a barrel and $61.57 a barrel, respectively.
“Investors’ perceptions of the upside risks have increased,” says Kieran Tompkins from Capital Economics. “The most high-impact risks to the global oil market stem from military action,” including possible strikes against oil infrastructure or retaliation by Tehran that could disrupt shipping through the Strait of Hormuz.
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