Brent Crude Surges as Middle East Tensions Escalate
The rebound in the benchmark came as trading in oil futures resumed around 2200GMT on Sunday, reflecting concerns over regional stability and the security of key shipping routes.
The price movements follow comments from US President Donald Trump, who on Friday stated that recent American strikes had targeted Kharg Island—Iran’s primary oil export terminal in the Persian Gulf—without damaging oil infrastructure. Trump added that while he had chosen not to destroy the facilities, he would reconsider that decision immediately if Iran or any other actor interfered with the safe passage of vessels through the Strait of Hormuz.
Since coordinated military attacks by Israel and the United States against Iran on Feb. 28, reports indicate that roughly 1,300 people have been killed, including Iran’s former supreme leader, Ali Khamenei.
In response, Iran has launched retaliatory drone and missile strikes targeting Israel as well as Jordan, Iraq, and Gulf nations hosting US military assets, further fueling market concerns.
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