Oil prices edge higher after strikes on Israel test ceasefire
Summary
Oil prices rose after Iran fired missiles at Israel, breaking a fragile ceasefire agreement from April. President Donald Trump said he plans to call Israeli Prime Minister Benjamin Netanyahu to urge Israel not to retaliate, as peace talks with Iran are ongoing.Key Facts
- Iran launched missiles at Israel, the first attack since a ceasefire in April.
- Brent crude oil price increased by 2.6% to $95.50 per barrel.
- US crude oil price rose by 2.5% to $92.75 per barrel.
- Iran’s military group, the Islamic Revolutionary Guard Corps, said this is the start of a week of strikes.
- President Donald Trump plans to ask Israel not to strike back to avoid ruining a near-final deal with Iran.
- The ceasefire between Israel and Iran has been broken several times since April 17.
- The conflict affects oil supply because Iran threatened to attack ships crossing the Strait of Hormuz, a key shipping route for oil.
- Oil prices have been unstable since US and Israel launched strikes on Iran in late February.
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