Brent crude crosses $79 per barrel as fresh US strikes on Iran spark supply fears

NEW DELHI: Brent crude prices surged sharply on Thursday, reaching $78/barrel following the fresh US strikes on Iran and renewed concerns over supply disruptions in the Middle East.

Brent crude was trading at $78.68/barrel, up 0.95 per cent ($0.74) from the previous close of $78.02 at the time of writing this article. It hit a day high of $79.15 per barrel while crude oil was trading at $74.22 per barrel, surging 0.92 per cent/ 0.68 cents.

Both Brent and WTI crude futures had already climbed more than USD 1 in after-hours trading on Wednesday after US military launched a fresh wave of strikes on Iran. US stocks ended mixed on Wednesday after President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran was “over,” reigniting concerns over escalating tensions in the Middle East and driving oil prices sharply higher.

Meanwhile, the Dow Jones Industrial Average tumbled 576.76 points, or 1.09 per cent, to 52,348.39, while the S&P 500 slipped 0.28 per cent to 7,482.71. In contrast, the Nasdaq Composite edged up 0.2 per cent to close at 25,870.65.

Oil prices surged, with Brent crude settling 5.43 per cent higher at USD 78.19 per barrel and West Texas Intermediate (WTI) rising 4.37 per cent to USD 73.52 per barrel, as renewed geopolitical tensions raised fears of potential supply disruptions.

American forces carried out fresh strikes on Iran on Wednesday night, the US Central Command said, just hours after President Donald Trump declared an end to the eight-week ceasefire.

US President Donald Trump signalled the possibility of another round of military strikes against the Islamic Republic. Referring to Tuesday’s attacks, Trump said Washington had already struck Tehran “very hard” and warned that further military action could follow.

Trump accused Iranian leaders of repeatedly shifting their position during negotiations, calling them “cuckoo” and claiming that Tehran had privately indicated its willingness to reach a deal before publicly reversing its stance. “They’ll agree on everything, and then they’ll go and have a news conference and say we never even talked about it,” Trump said. (ANI)