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2026-05-28 10:41:49
[US Strikes Iranian Facility Escalate Geopolitical Risks, Oil Prices Rise by About 2%] 1. International oil prices rose by about 2% in early trading on Thursday. Brent crude futures for July delivery rose as much as 2.3% to $96.50 per barrel, while WTI crude futures for July delivery rose as much as 2.27% to $90.69 per barrel. This followed reports that the US had launched a new round of strikes against an Iranian military facility overnight, further escalating tensions in the Middle East, despite ongoing negotiations between the two sides to end the three-month-long conflict. 2. Oil prices had fallen sharply by more than 5% in the previous trading day, hitting a one-month low, influenced by news that the US and Iran might reach an agreement to end the conflict and reopen the Strait of Hormuz. 3. However, on Thursday morning Beijing time, according to US officials, the US military targeted a military facility in Iran and shot down four Iranian drones operating near the Strait of Hormuz, which were considered a threat to the region. This provided upward momentum for oil prices. 4. ANZ commodity strategist Daniel Hynes pointed out that crude oil supply remains tight, and key disputes have not yet been resolved. 5. Market news indicates that, according to data from the American Petroleum Institute (API), U.S. crude oil inventories decreased by 2.8 million barrels in the week ending May 22. Official inventory data from the U.S. Energy Information Administration (EIA) will be released later on Thursday.
