Premarket: Brent crude surges over $120 a barrel on Iran war worries, while world stocks are mixed
Brent crude oil prices surged above $120 a barrel amid escalating tensions between the U.S. and Iran, stalling diplomatic talks, and concerns over the closure of the Strait of Hormuz disrupting oil supplies. Global stock markets showed mixed performance, with European indices divided and Asian markets mostly declining under pressure from rising energy costs. The U.S. dollar strengthened as a safe-haven asset, while the Federal Reserve's decision to hold interest rates steady added support to the currency.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThe price of Brent crude oil briefly surged past US$126 a barrel early Thursday as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war.Brent crude to be delivered in June jumped 3.3 per cent to US$121.90 after briefly soaring past US$126 per barrel. Brent to be delivered in July rose 1.4 per cent to US$112.02.Benchmark U.S. crude climbed 1.3 per cent to US$108.28 per barrel.Before the war began in late February, Brent crude was trading around US$70 per barrel.There’s no clear path to an end to the war. The U.S. has continued its blockade of Iranian ports while the Strait of Hormuz is closed, pushing oil prices higher.
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