Channel NewsAsia
AsiaPac · 2 hrs ago
Oil hits multi-week high, Wall Street slips as Iran tensions reignite
WASHINGTON, July 8 : Stocks were mostly lower and oil prices rose on Wednesday after U.S. President Donald Trump said the interim peace deal with Iran was "over" and the U.S. announced fresh military strikes.Oil prices settled nearly 5 per cent higher as tensions reignited in the Middle East and worries mounted that global energy supplies could again be upended if vessel movement through the Strait of Hormuz is halted.Brent futures LCOc1 rose $3.86, or 5.2 per cent, to settle at $78.02 a barrel, the highest since June 19. U.S. West Texas Intermediate (WTI) crude CLc1 rose $3.08, or 4.4 per cent, to $73.52, the highest since June 22.Data this week showed crude stocks in the U.S. Strategic Petroleum Reserve hit their lowest level since 1983, leaving markets more vulnerable to future supply s
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