Oil Prices Rise Amid Prospects of Escalating Middle East Conflict

Deep News07:50

Oil prices advanced during early Asian trading amid the prospect of escalating conflict in the Middle East.

Brent crude futures for the nearest month increased by 0.8% to $80.24 per barrel.

U.S. officials indicated that after receiving briefings from senior advisors for several consecutive days, the U.S. President is inclined to expand American military operations against Iran.

Analysts from the research division of ANZ Bank stated in a research note, "The President has vowed to intensify strikes against Iran until it ceases attacks on vessels in the Strait of Hormuz and agrees to reopen the waterway."

The analysts added that there are "concerns about further disruptions to oil supply."

The Strait of Hormuz is a critical maritime passage through which one-fifth of the world's oil is transported.

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