Oil prices mixed as U.S. military strikes against Iran cloud Middle East peace prospects
Oil prices showed mixed results as U.S. military actions in Iran raised concerns about Middle East stability. Brent crude futures increased, while West Texas Intermediate futures declined amid uncertainty surrounding U.S.-Iran negotiations. UBS reported significant drops in global oil inventories, indicating a strained market.
- ▪Brent crude futures rose by 1.6% to $97.72 a barrel, while West Texas Intermediate futures fell by 5.4% to $91.38 per barrel.
- ▪The U.S. military conducted operations in southern Iran targeting vessels and missile launch locations.
- ▪UBS noted that global oil inventories dropped by 246 million barrels in March and April, suggesting a strongly undersupplied market.
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Oil prices were mixed Tuesday as U.S. military operations in southern Iran on Monday and President Donald Trump's mixed messaging on the negotiations between Tehran and Washington kept traders on edge.July futures for international benchmark Brent crude gained 1.6% to $97.72 a barrel in Asia trading, while U.S. West Texas Intermediate futures for June was trading 5.4% lower at $91.38 per barrel.The U.S. military said it conducted operations in southern Iran, targeting vessels allegedly trying to deploy mines, as well as missile launch locations. The U.S.
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