Defensive strikes on Iranian targets were carried out by American forces to halt assaults against commercial vessels traversing the Strait of Hormuz. In response, Brent crude increased to $105.25 a barrel while West Texas Intermediate climbed to $96.93 a barrel. The ongoing maritime disruption remains a major driver of high gasoline costs as negotiators, aided by Qatari mediators, attempt to broker an end to the fighting. Iranian leadership has authorized diplomats to proceed with peace discussions despite the latest flare-up.
Key points
Maritime conflict in the Strait of Hormuz continues to exert upward pressure on consumer…: Maritime conflict in the Strait of Hormuz continues to exert upward pressure on consumer fuel costs.
Ongoing hostilities have disrupted peace efforts despite revised proposals developed with…: Ongoing hostilities have disrupted peace efforts despite revised proposals developed with the help of Qatari mediators.
Iranian negotiators have received explicit authority from Supreme Leader Ayatollah Mojtab…: Iranian negotiators have received explicit authority from Supreme Leader Ayatollah Mojtaba Khamenei to pursue diplomatic negotiations.
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Brent crude futures rose 48 cents, or 0.5%, to $105.25 a barrel by 0104 GMT while US West Texas Intermediate crude was up 47 cents, or 0.5%, at $96.93 a barrel.
Brent crude futures settled $8.66, or 7.63%, lower to $104.77 a barrel on Monday.
The United States struck Iran's Qeshm Island, the Wall Street Journal reported, citing US officials. Some of the officials described the assaults as defensive in nature to prevent Iran from having the freedom to attack commercial ships in the Strait of Hormuz.
"The report added a degree of risk premium back into the oil price. Just when markets were starting to price in a more diplomatic path, this reminder of ongoing military activity has flipped the tone," said Tim Waterer, chief market analyst at KCM Trade.
Meanwhile, Tehran said on Monday that contacts between Iran and the US to end their war are continuing, after days of Iranian talks with Qatari mediators ended with altered proposals but no breakthrough.
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