May 10, Kathmandu — Escalating tensions between the US and Iran have once again impacted the global oil market. Following the US attack on Tuesday, crude oil prices rose by approximately 1 percent. Brent crude increased by 83 cents, or 0.9 percent, reaching $92.29 per barrel. Similarly, US WTI crude rose by 68 cents, or 0.8 percent, trading at $88.97 per barrel. Prior to this, oil prices had fallen to their lowest points in seven weeks.
The rising tensions in West Asia and risks associated with the Strait of Hormuz have brought renewed volatility to the markets. After Iran shot down a US Apache helicopter near the Strait of Hormuz, the United States launched an attack on Iran’s Qeshm Island. Meanwhile, the US has announced the completion of its military operations against Iran. According to US Central Command (CENTCOM), the attack was in response to the downing of the US Apache helicopter and recent attacks on US forces and commercial vessels in the region. CENTCOM stated that US Air Force and Navy fighter jets targeted Iran’s air defense systems, ground control stations, and surveillance radar centers near the Strait of Hormuz using “precision weapons.” (With agency inputs)
