Brent crude prices surged as much as 3.6% to $96.47 a barrel in early trading, while US Crude or the West Texas Intermediate surged towards $94 a barrel. Both variants have trimmed the initial gains.
Iran’s state media has quoted the armed forces saying that unless Israel does not stop attacking Lebanon and “cease their hostile actions”, the attacks will continue. As per Israel’s military, no damage was caused and all missiles were intercepted.
According to Axios, US President Donald Trump has told Israel’s Prime Minister Benjamin Netanyahu to not retaliate to Iran’s attacks, while the Financial Times quoted him saying Netanyahu will have no option but to accept a deal with Iran.
Iran continues to press for a ceasefire in Lebanon before any deal could be reached with the US. That is just one of the many sticking points in the negotiations between the warring parties, which include the unfreezing of Iranian assets, which Trump, in an interview, said he will not do so.
Separately, the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to increase their oil output quotes for July by another 1,88,000 barrels per day, even as a continued blockade in the Strait of Hormuz prevents them from implementing the same.
