FOLLOWING the United States and Iran renewed strikes, oil prices jumped and stocks fell on Thursday, May 28.
The US said it had shot down four Iranian attack drones and carried out airstrikes against a drone control station, marking the second exchange of hostilities in three days between the two countries.
A US official said the drones posed a threat to American forces in the region and to the little commercial shipping still moving through the Strait of Hormuz, a critical transit route for oil and gas tankers.
The latest confrontation renewed doubts about the prospects of a peace deal, despite continued assurances by President Donald Trump and administration officials that an agreement is close.
The price of Brent crude, the global benchmark for oil, rose nearly four per cent to about $96 a barrel for August delivery, currently the most heavily traded contract.
West Texas Intermediate crude, the US benchmark, jumped four per cent to $92 a barrel for July delivery, currently its most popular contract.
Gas prices fell 3 cents on Wednesday to a national average of $4.46 a gallon, according to the AAA motor club.
Since the war began, gas prices, which don’t move in lock step with crude, usually trailing increases or drops by a few days, has risen by 50 per cent.
The average price of diesel fell slightly to $5.58 on Wednesday, but remains 49 per cent higher since the start of the war.
Published:
Related articles
Recent articles
