Oil prices hold near six-week highs on US-Iran attacks

Channel NewsAsia (CNA)State / PublicCenter5 hr. ago

Oil prices rose to near six-week highs as tensions between the U.S. and Iran escalated, with both nations attacking vessels in the Strait of Hormuz and other regions. Brent crude reached $97.17 a barrel, while U.S. West Texas Intermediate crude hit $92.27, driven by fears of disrupted oil supplies. The attacks followed a pattern of tit-for-tat strikes, with the U.S. targeting Iranian oil tankers and Iran retaliating against U.S.-linked vessels. Saudi Arabia reported an attack on its Jazan oil refinery, and tanker traffic through the Strait of Hormuz dropped to its lowest level in months. Analysts warned of potential supply shocks and projected oil prices could reach $120 a barrel. OPEC+ maintained its production policy unchanged amid the crisis.

Bias read (Center): The article presents a balanced account of the geopolitical conflict between the U.S. and Iran, focusing on the impact on global oil markets without overtly favoring either side. It reports on actions taken by both nations, quotes multiple analysts and experts, and provides context without taking a鮮