Oil Prices Rise As U.S.-Iran Tensions Escalate, Trump Hints at Strikes

Benzinga

Oil prices edged higher Wednesday as markets assessed the risk of direct U.S. involvement in the Iran-Israel conflict. Brent crude rose 0.4% to $76.73, and WTI climbed 0.5% to $75.24 after both fell over 1% earlier. Trump called for Iran’s "unconditional surrender" and hinted at possible strikes on nuclear sites. Analysts say this could endanger energy infrastructure and trigger a shutdown of the Strait of Hormuz, a critical oil transit route. ING warned such a disruption could drive prices to $120 per barrel. Iran currently produces 3.3 million barrels per day. U.S. crude inventories fell by 10.1 million barrels last week, per API data.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Oil prices edged higher Wednesday as markets assess the risk of direct U.S. involvement

00:07in the Iran-Israeli conflict.

00:09Bread crude rose 0.4% to $70.73 and WTI climbed 0.5% to $75.24 after both fell over 1% earlier.

00:18Trump called for Iran's unconditional surrender and ended up possible strikes on nuclear sites.

00:23Analysts say this could endanger energy infrastructure

00:25and trigger a shutout of the Strait of Hormuz, a critical oil transit route.

00:30IG warned a disruption could drive prices to $120 per barrel.

00:34Iran currently produces 3.3 million barrels per day.

00:38U.S. crude inventory fell by 10.1 million barrels last week per API doubt.

00:42For all things money, visit Benzinga.com.

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