Crude Oil prices rise sharply as West Asia war escalates again
New Delhi, June 8: As the war escalated again in West Asia, international crude oil prices rose sharply today as a direct reaction to the latest developments.
Brent crude rose by 3.6 per cent to USD 96.47 per barrel before paring gains.
US West Texas Intermediate climbed towards USD 94 a barrel, also easing from intraday highs.
The price rise came soon after Israel launched new attacks at various cities of Iran, including capital Tehran.
Soon after, Iran retaliated by carrying out missile attacks at Israel, causing large scale damage.
Iran’s state media quoted the country’s armed forces as saying the attacks would continue unless Israel halted strikes on Lebanon and “ceased hostile actions”.
The escalation infused fresh risk premium into oil markets, which have remained sensitive to geopolitical developments in the region.
Meanwhile, US President Donald Trump has again pressed Israeli Prime Minister Benjamin Netanyahu not to escalate the war, according to American media reports.
The Financial Times quoted Trump as saying Netanyahu would ultimately have no option but to accept a deal with Iran.
Iran has continued to press for a ceasefire in Lebanon as a precondition for any broader agreement with Washington, complicating negotiations that have also stalled over the unfreezing of Iranian assets, a step Trump has said he would not approve. (BVI)
