Oil prices rise after new US strikes on Iran - Sarmad

Oil prices rose on Thursday after the United States launched new strikes against Iran, dampening hopes for an end to the war and the full reopening of the Strait of Hormuz.

By 00:54 GMT, Brent crude futures rose 78 cents, or 1 percent, to $78.80 a barrel. U.S. West Texas Intermediate crude futures gained 74 cents, or 1.01 percent, to $74.26 a barrel.

Both benchmarks rose by more than a dollar in after-hours trading on Wednesday after the U.S. military began new strikes on Iran.

Earlier, the two benchmark crudes settled at their highest levels in over two weeks after U.S. President Donald Trump threatened to bomb Iran the previous evening.

The U.S. military stated it carried out new strikes on Iran to keep the vital Strait of Hormuz open for navigation, hours after Trump said the temporary agreement to end the war had “ended.”

Tony Sycamore, an analyst at IG, said in a note that the flow of oil through the strait in recent weeks has currently halted, and shipowners are expected to adopt a more cautious stance.