ECONOMY

United States airstrikes on Iran drive oil surge

▪

Read, Watch or Listen

Global oil prices climbed sharply on Thursday, with Brent crude futures rising 3.7 percent to as high as $98.88 per barrel, the highest level in nearly two months and close to the $100 mark last seen in May. The move followed confirmation from U.S. Central Command that American forces had carried out a twelfth consecutive night of strikes on Iranian military targets, disrupting key Middle Eastern maritime routes and rattling energy markets. The operations, ordered by President Donald Trump, included attacks on maritime capabilities, missile and drone storage, coastal surveillance sites, and air defenses, and coincided with renewed concerns over U.S. inflation and stock market weakness.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

May 2024 Brent last trades near $100
Throughout July 2024 US strikes multiple Iranian sites
Throughout July 2024 US resumes maritime blockade
Earlier this week Trump ends ceasefire agreement
Earlier this week Trump issues 48-hour ultimatum
Earlier this week Trump threatens Iranian infrastructure targets
Thursday morning Brent jumps toward $100
Thursday morning US stock futures sharply decline

Why This Matters to You

Higher oil prices mean higher gas prices. You'll likely pay more at the pump. It could also raise the cost of goods and services. Check your budget and plan for potential increases.

The Bottom Line

The U.S. strikes on Iran are shaking up the oil market. This could hit your wallet. It's a reminder that global events can impact our daily lives. Worth forwarding if you know someone who's budgeting carefully.