US Israel Iran War LIVE: US Israel Iran War LIVE: Brent hits more than $100 a barrel, Trump says US 'won' the war in the first hourWest Asia Crisis: As the conflict involving the US, Israel and Iran entered its 13th day, Brent crude has jumped back to more than $100 a barrel despite the International Energy Agency (IEA) agreeing on a record release of reserves. Global oil benchmark rose by 10 per cent to $101.59 per barrel, whereas West Texas Intermediate (WTI) rose to near $96.
Earlier in the day, oil prices surged by 9 per cent on Thursday morning as Brent crude hit $100 per barrel and crude oil at $95. Given the uncertainty over global oil prices, US Energy Secretary Chris Wright said that the International Energy Agency (IEA) announced an emergency oil release, with the US set to release 172 million barrels from its Strategic Petroleum Reserve (SPR).
Amidst all this, Iran allowed Indian oil tankers to pass through the Strait of Hormuz after External Affairs Minister S Jaishankar spoke to his Iranian counterpart Seyed Abbas Araghchi.
The objective of the talks was to keep the vital sea route open so that crude oil and natural gas supplies are not affected, India Today TV reported. Ships belonging to the US, Europe and Israel are currently facing restrictions on the strategic sea route.
S Jaishankar also spoke with Russian Foreign Minister Sergei Lavrov and French Foreign Minister Jean-Noel Barro on this issue. Meanwhile, Iranian President Masoud Pezeshkian said that the only way to end this war is by "recognising Iran’s legitimate rights, payment of reparations, and firm international guarantees against future aggression."
Meanwhile, US President Donald Trump said that the US 'won' the Iran war in the first hour, claiming the outcome was determined within hours of the first military strikes. Addressing supporters in Kentucky, he said the campaign quickly turned in Washington's favour, though American forces would remain deployed until the mission was fully completed.
Tehran has targeted commercial ships near the Strait of Hormuz and Dubai International Airport, triggering apprehensions about global energy supplies. US forces have struck more than 5,500 targets inside Iran using artificial intelligence and other advanced tech.
Also Read: Brent oil tops $100 again! What is fuelling the crude rally?
After targeting US consulates and embassies in the Middle East, Iran warned that it would target American, Middle Eastern and Israeli banks and other institutions. After this, some firms, including Citi, will ask employees to evacuate offices in the Dubai International Financial Centre (DIFC).
Also Read: Strait of Hormuz disruption: Iranian oil continues to flow at a ‘near-normal’ pace
US-Israel-Iran war LIVE: Check out the latest updates on BusinessToday.In
Brent crude back to over $100 a barrel, global benchmark at $101.59 per barrel
China has suspended refined fuel exports and directed oil refineries to pause cargoes, Bloomberg reported, citing people aware of the matter. Oil refiners in the country have started cancelling agreed refined fuel export cargoes, including gasoline and diesel.
Last week, China's largest oil processors were told to stop signing new export contracts and to negotiate the cancellation of cargoes that had already been agreed.
Iran's semi-official Fars News Agency said on Thursday that the Iranian-backed Houthis in Yemen and other "resistance groups" are on full alert and may join Tehran's ongoing fight against the US and its partners, the Wall Street Journal reported.
The agency warned that the involvement of such militia groups could lead to closure of the Bab el-Mandeb Strait, the narrow passage at the southern tip of the Arabian Peninsula that controls traffic for sea vessels accessing the Suez Canal via the Red Sea.
Houthi leader Abdul Malik al-Houthi signaled last week that his group could escalate militarily in support of Iran, calling it "a battle for the entire nation against the American and Israeli enemy."
"Our hands are on the trigger when it comes to military escalation and action whenever developments require it', said al-Houthi.
The Strait of Hormuz faces effective closure amid the Iraqi and US war with Iran, forcing most traffic to avoid the route. This disruption has caused oil prices to exceed $100 a barrel, with tanker traffic falling to approximately 20% of pre-war levels.
The Ministry of External Affairs (MEA) on Thursday debunked reports of a massive fire in a joint India-Israel facility in Delhi, claiming the lives of several workers from both countries. Sharing the posts that amplified the claims, the official MEA fact-check handle wrote, "Fake News Alert! This is fake news. Please stay alert against such false and baseless claims on social media!"
In a significant breakthrough for India's energy security, Iran has agreed to allow Indian oil tankers safe passage through the crucial Strait of Hormuz.
This development follows a high-stakes phone call between India's External Affairs Minister, S. Jaishankar, and his newly appointed Iranian counterpart, Abbas Araghchi. The primary objective of Jaishankar's discussions was to ensure the unhindered flow of crude oil and natural gas to India.
Iraq's oil chief Farhan al-Fartousi said that all oil terminal operations are fully suspended after explosive-laden boats attacked 2 crude tankers at the Umm Qasr port in Basra. Commercial ports, however, continue to operate normally, Al Jazeera reported.
Fair price shop dealers in India have appealed to the Union government for the restoration of kerosene distribution through the Public Distribution System (PDS).
In light of the rising energy cost and the geopolitical tensions in West Asia, the availability of fuel has also been one of the biggest concerns for the dealer and the nation.
Trump administration officials said during a congressional briefing that the first 6 days of war on Iran cost the US at least $11.3 billion. Lawmakers are continuing to seek more detailled information on the financial and strategic outlook of the ongoing US military campaign, according to Reuters.
Oil prices skyrocketed on Thursday, with Brent crude oil, the international standard, topping $100 a barrel for the first time since 2014. This surge comes just days after the price nearly reached $120 a barrel, a stark reminder of the volatility in the energy market and its potential impact on the global economy.
The primary driver behind the price hike appears to be concerns over supply disruption. Iranian attacks on commercial shipping in the Strait of Hormuz, a critical oil transit route, have significantly heightened tensions in the Middle East and cast a shadow over oil supplies.
US benchmark crude oil also jumped to around $95 a barrel, further emphasizing the global impact of these events. The ongoing volatility in oil prices is a significant concern for financial markets and could have far-reaching implications for the global economy, from inflation to consumer spending.
As the situation in the Middle East continues to unfold, it is crucial to stay informed about the latest developments and their potential impact on the energy market. We will continue to monitor the situation and provide updates as they become available.
-- Associated Press
