Oil prices up nearly 3% as Israel-Iran conflict escalates, US response remains uncertain
(Reuters) - Oil prices jumped almost 3% on Thursday as a week-old air...
(Reuters) - Oil prices jumped almost 3% on Thursday as a week-old air war between Israel and Iran escalated and uncertainty about potential U.S. involvement kept investors on edge.
Brent crude futures settled up $2.15, or 2.8%, to $78.85 a barrel, its highest close since January 22.
U.S. West Texas Intermediate crude for July was up $2.06, or 2.7%, to $77.20 at 1330 EST (1730 GMT).
Trading volumes were light on Thursday due to a U.S. federal holiday.
Israel bombed nuclear targets in Iran on Thursday, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight.
There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks.
The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks.
Goldman Sachs: Geopolitical Risk Could Add $10 to Oil Prices
Goldman Sachs has estimated that geopolitics could move Brent crude higher...
Goldman Sachs has estimated that geopolitics could move Brent crude higher by around $10 per barrel from a starting point in the mid-$70s. However, the bank admitted oil could top $90 in the case of an Iranian supply disruption.
Goldman’s analysts pointed to the disruption of oil flows via the Bab el-Mandeb Strait by the Yemeni Houthis’ attacks on vessels as an example of the fragility of Middle Eastern oil export security.
The bank said its base-case scenario remains the same, with Brent averaging $60 per barrel in the final quarter of the year in case of no supply disruption. However, this scenario has become increasingly doubtful in recent days as President Trump floats the possibility of the United States joining Israel in bombing Iran.
According to data from the EIA Petroleum Status Report,...
According to data from the EIA Petroleum Status Report, crude oil inventories in the US fell by 11.473 million barrels in the week that ended June 13, 2025, the most in a year and more than market expectations of a 2.3 million barrel decrease.
Also, stocks in the Cushing, Oklahoma, delivery hub went down by 995 thousand barrels.
Among refined fuels, gasoline stocks rose by 209 thousand barrels and stocks of distillate fuels increased by 514 thousand barrels.
Oil markets see closure of Hormuz Strait as unlikely, Eni CEO says
The CEO of Italian energy company Eni ...
The CEO of Italian energy company Eni (ENI.MI), said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely.
About a fifth of the world's total oil consumption passes through the Strait, which lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond.
"The markets have not pushed the value of crude oil above $80, $90 a barrel (signalling that) they are predicting that more extreme situations, including the closure of the Strait of Hormuz, are unlikely," Eni's Claudio Descalzi said on the sidelines of an energy conference.
WTI crude oil July futures climbed 3 cents to $74.87 per barrel on Wednesday after rising to as high as $76 earlier in the session, while Brent Crude for August delivery closed down 24 cents, at $76.21 per barrel, trading as high as $77.43 during the session.
U.S. stocks end mixed after Fed keeps rates unchanged, lifts inflation outlook
The Dow Jones Industrial Average gave up an almost 300-point...
The Dow Jones Industrial Average gave up an almost 300-point gain to end lower, while the S&P 500 closed flat, on Wednesday after the Federal Reserve left interest rates unchanged and raised its inflation outlook for the year.
The Dow fell 44.14 points, or 0.1%, to close at 42,171.66, after losing a 294.27-point gain that sent it to a session high of 42,510.07 earlier in the day, based on preliminary data. Wednesday's closing level is the lowest since May 28.
The S&P 500 fell less than 2 points to finish flat at 5,980.87.
The Nasdaq Composite advanced 25.18 points, or 0.1%, to end at 19,546.27.
