U.S. West Texas Intermediate (WTI) futures traded 6% lower at $69.41 per barrel at the time of writing, while Brent futures fell 5.6% to $71.25 per barrel.
Earlier, a Reuters report stated that while Iran is open to discussing limitations on uranium enrichment, it won’t do so while it’s under fire from Israel.
Oil ETFs surge as tensions rise between Israel and Iran. Crude prices spike on fears of U.S. involvement, Strait of Hormuz disruption, and geopolitical risks.
U.S. markets closed lower on Tuesday due to geopolitical tensions, with energy & defense stocks rising. Asia markets mixed, Europe flat, oil prices dip.
While crude oil transport has not been affected directly, concerns remain that Iran could move to block the Strait of Hormuz, a crucial passage for oil tankers.
Brent crude futures rose 1.4% to $74.24 per barrel while U.S. West Texas Intermediate crude futures gained 1.2% to $71.06 per barrel, as of 5.03 am ET.
With tensions continuing to flare in the Middle East, the global energy supply is on tenterhooks, with Israel hitting Iran where it stands to hurt the most.
According to the data published by OPEC, the cartel increased its production output by 154,000 barrels a day, despite announcing plans to improve it by 411,000 barrels during the month.
Market summary: US markets closed lower on Friday due to rising Iran-Israel tensions. Most sectors declined but energy stocks rose. Asian, Eurozone, and US futures are up while oil prices dip.
