LONDON: Oil surged more than 3% on Thursday, recovering from losses in the previous session, as the likelihood of a lengthy conflict in the Middle East raised concerns about more supply interruptions.
Brent futures increased $3.51, or 3.4%, to $105.73 per barrel at 12:08 p.m. Saudi time, while US West Texas Intermediate crude futures were up $3.04, or 3.4 percent, at $94.36 per barrel. Both benchmarks fell by more than 2% on Wednesday.
Iran’s foreign minister stated on Wednesday that while they are examining a US proposal to stop the war, they do not want to conduct negotiations. According to White House press secretary Karoline Leavitt, if Iran refuses to admit that it has been “defeated militarily,” US President Donald Trump would retaliate more severely.
According to Reuters, the Pentagon intends to deploy thousands more airborne troops to the Gulf to give Trump more options for a ground assault, in addition to two Marine contingents already en route. Ongoing military escalation, including troops deployments and fresh strikes, alongside limited tanker movement under strict Iranian conditions, continues to strain global energy markets,” Soojin Kim, a MUFG analyst, explained.
According to three Israeli cabinet sources acquainted with the plan, Trump’s 15-point proposal, submitted through Pakistan, aims to remove Iran’s highly enriched uranium stores, halt enrichment, constrain its ballistic missile program, and reduce support for regional allies.
Also Read:
Breaking Barriers: Celebrating Leaders, Innovators, and Decision-Makers in GCC
Palestinians in Israeli Prisons Face Abuse and Cover-ups, Reports Reveal Alarming Reality
