Oil prices rise following new US-Iran attacks, casting doubt on peace agreement
via SeneNews6 min read
Oil prices increased on Wednesday after new attacks between the United States and Iran, which have undermined market optimism regarding a potential peace agreement between the two countries. Around 09:35 GMT, Brent crude for August delivery rose by 2.51% to $98.41 per barrel, while West Texas Intermediate for July delivery gained 2.63% to $96.23 per barrel. Tehran and Washington are accusing each other of violating a ceasefire that appears increasingly fragile. The US military reported that Iran launched several missiles towards countries in the region, all of which missed their targets. However, the Kuwait International Airport was hit by Iranian drones, causing several injuries, according to the Kuwaiti army. Iran's Revolutionary Guard attributed responsibility to the United States, stating their actions were in retaliation for two separate attacks. Kathleen Brooks, an analyst at XTB, noted that recent developments suggest investors may have been too quick to factor in the impact of a memorandum of understanding, which Washington mentioned last weekend. This memorandum reportedly included a 60-day ceasefire extension and the opening of the Strait of Hormuz. Brooks now questions whether discussions to end the conflict and open the strait are still ongoing. Donald Trump stated that contact between the two parties has not been broken, despite reports from the Iranian news agency Tasnim on Monday indicating that discussions were suspended due to Israeli attacks in Lebanon. Iran
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