Oil Rises, Brent Hits 4-Year High!
Oil prices rose and briefly touched a four-year high after media reports suggested US President Donald Trump was considering new military options against Iran. The June Brent contract rose 2.9% to US$121.47 per barrel, after hitting its highest level since March 2022 before paring some of its gains.
The more active July Brent contract rose 1.0% to US$111.62 per barrel, while June WTI added 0.9% to US$107.85 per barrel. These gains reflect a re-widening supply risk premium.
Axios reported that Trump will receive a briefing on Thursday from US Central Command leader Admiral Brad Cooper, including options such as a wave of attacks on Iran or an operation to reopen commercial shipping in the Strait of Hormuz. The conflict has entered its third month, with traffic through Hormuz still restricted after a blockage at the start of the war.
The Wall Street Journal also reported that Trump is seeking international support to form a coalition to open Hormuz, although some allies are reportedly reluctant to participate. Market focus remains on the risk of escalation that could disrupt supply and shipping logistics, while other factors, such as news of the United Arab Emirates' withdrawal from OPEC, are not expected to directly impact supply in the near term. (gn)*
Source: Newsmaker.id