Following new US military attacks on Iran, oil prices rose on Thursday. Markets are increasingly concerned that if the Iran conflict prolongs, energy supplies could face longer disruptions.
US crude oil futures for July delivery climbed 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 operation was conducted under the commander-in-chief's orders in response to Iran's "unjust and ongoing aggression."
Iranian state media reported missile and drone attacks on US vessels operating in the Strait of Hormuz. This escalation has pushed tensions between the two sides to a more critical level 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. He 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 closely watching whether the developments will remain limited or evolve into a prolonged war.
Oil Market Struggles 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 has weakened. He emphasized that this leaves oil prices vulnerable to sharp fluctuations and that markets are focused on whether tensions will remain under control.
