Oil prices rose during Thursday's trading, as Israel targeted Iranian nuclear sites and both sides continued to exchange missile strikes, while markets awaited the United States’ stance on whether it would formally enter the conflict.
Brent crude futures for August delivery climbed 1.15%, or 89 cents, to $77.59 per barrel as of 2:44 PM Mecca time.
U.S. West Texas Intermediate (WTI) crude futures for July delivery also rose 1.52%, or $1.14, to $76.28 per barrel.
Goldman Sachs noted in a report issued yesterday that the current geopolitical risk premium is estimated at around $10 per barrel, due to reduced Iranian supply and the potential for broader disruptions that could push Brent prices above $90.
Helima Croft, an analyst at RBC Capital, warned in comments to Reuters that any perception of an existential threat by Iran could significantly raise the risk of attacks on oil tankers and energy infrastructure — particularly if the U.S. becomes militarily involved
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