Crude prices rise as US launches strikes on Iran shortly after cancelling its license to sell oil
A return to attacks and renewed uncertainty surrounding vessel traffic through the Strait of Hormuz threatened to upend the June 17 cease-fire agreement between the U.S. and Iran on Tuesday.
Between the U.S. Treasury Department’s revocation of the Iranian oil-sanction waivers and the U.S. Central Command saying it has launched a series of “powerful strikes” against Iran, it’s hard to view this as “anything but a full return to war and the destruction of the MOU,” Brett Erickson, managing principal of Obsidian Risk Advisors, said in a post on X. He referred to the memorandum of understanding between the U.S. and Iran that was signed in mid-June.
Global benchmark Brent crude saw its September contract end the after-hours trading session at $76.38 a barrel, moving up after settling at $74.16 for the session.
U.S. benchmark West Texas Intermediate crude for August delivery was at $72.20 Tuesday afternoon, up from the day’s $70.44 settlement.
https://www.msn.com/en-us/money/markets/crude-prices-rise-as-us-launches-strikes-on-iran-shortly-after-cancelling-its-license-to-sell-oil/ar-AA27pVgf
Just as gas prices were starting to come down.
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