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Brent Crude Oil Price Rises After US Strike on Iran’s Qeshm Island
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Oil prices rose by more than $1 per barrel on Tuesday after US forces struck Iran’s Qeshm Island, raising concerns about further escalation and potential disruptions to energy supplies. Brent crude gained 1.76% to $106.61 per barrel, while US West Texas Intermediate (WTI) rose 1.66% to $98.06. However, the gains followed a sharp 7.6% drop in Brent crude on Monday. The selloff came after Iran’s president said the supreme leader had given the government more room to negotiate a deal with the US, raising hopes of reduced tensions.
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