New US attacks and Iran’s retaliatory strikes have caused international oil prices to rise by more than $1 per barrel. Qatar-based news agency Al Jazeera reported this on Monday (August 31).
The report stated that after the US attacked Larak Island, Iran launched a retaliatory strike on US military bases in Jordan. This immediately created new tensions in the oil market.
Early Monday morning, Bangladesh time, Brent crude prices rose by $1.08 or 1.23 percent, reaching $89.18 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude oil prices increased by 92 cents or 1.10 percent, reaching $84.32.
Market analysts say that the situation has once again entered a new phase of tension.
Tony Sycamore, an analyst at IG Markets, told Reuters, “It feels like we’ve entered another phase of escalating tensions. How long this will last is hard to say—it could be a few days, or it could drag on for several weeks.”