Oil Prices Rise After U.S. Strikes on Iranian Targets

U.S. forces launched fresh strikes on Iranian military targets, according to multiple reports. The action occurred while a ceasefire remained in place and peace talks between Washington and Tehran continued. Oil benchmarks moved higher in early Asian trade on Thursday. 06 percent. 17 percent.

Traders had expected lower prices after both benchmarks fell more than 7 percent earlier in the week. The earlier decline followed growing optimism that an agreement could reopen the Strait of Hormuz to normal tanker traffic. The latest price increase reversed part of that weekly decline.

Market participants cited renewed uncertainty over whether the talks would produce a lasting reduction in tensions.

The strikes took place even though a ceasefire between the two countries was still active. Officials in both capitals have continued to hold discussions aimed at easing the conflict. No immediate statements from either government on the latest strikes were included in the reports examined. S. " — OilPrice.