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<Commodity>Brent Oil Futures Last Swell ~7% as Mideast Tensions Escalate Again
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US President Donald Trump warned that further military aggression against Iran could be taken within the next 2-3 weeks, dampening market hopes that the conflict would soon de-escalate. Oil prices surged, with Brent oil futures for June delivery escalating 6.83% to US$108.07 per barrel. New York oil futures for May delivery swelled 6.42% to US$106.5 per barrel. The market had previously been prepared for a 'binary outcome', expecting that Trump might signal a ceasefire or hint at further escalation, George Efstathopoulos, portfolio manager at Fidelity International, said. It is now clear that the global situation is on the latter path. He expected that Trump's remarks to further heighten investors' risk-off sentiment until uncertainties subside. Oil tanker traffic through the Strait of Hormuz is unlikely to resume in the short term, Giles Alston, political risk analyst at Oxford Analytica, said. It is becoming increasing clear that he US stance on facilitating oil exports through the strait is now something that the government has basically adopted a hands-off approach. Auto-translated by AI AASTOCKS Financial News |
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