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(Bloomberg) — Oil jumped after the US started new strikes on Iran, putting further strain on a fragile ceasefire and threatening to prolong the conflict in the Middle East that’s upended global markets.
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West Texas Intermediate crude surged as much as 2.7% to $92.45 a barrel after closing more than 2% higher in the previous session. Brent settled near $93. The US military said it launched strikes on “multiple” targets for the second day after President Donald Trump accused Iran of dragging out talks on an interim peace deal. Tehran said it would stand firm against any threat.
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The fresh US attacks follow strikes on Tuesday in retaliation for the downing of an American helicopter off Oman. Renewed hostilities threatens to extend the near-total closure of the Strait of Hormuz, which has choked off supplies of crude, fuels and natural gas since the start of the war in late February.
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“The next few days will be critical in determining whether diplomacy can reassert itself or whether the conflict moves into a more sustained escalation cycle,” said Jorge Leon, the head of geopolitical analysis at consultant Rystad Energy. “Oil price volatility is likely to remain elevated until there is clearer evidence” for the ceasefire holding, he added.
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US Central Command said it began “additional self-defense strikes” that are in response to Iran’s “unwarranted and continued aggression.” In response to the American strikes on Tuesday over the downing of the helicopter, Iran retaliated with attacks on the US military facilities in Bahrain, Jordan and Kuwait.
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Late Wednesday, Trump posted on social media that the US military had supported the passage of “more than 200 commercial ships” through the Strait of Hormuz, resulting in “more than 100 million barrels of oil” making it to market. He went on to claim the US controls the strait, “not Iran.”
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There has been a trickle of oil flows exiting the Persian Gulf under the cover of darkness, and physical markets are showing some signs of ample supply. Still, the disruption to Middle East flows has driven energy prices higher, including gasoline in the US, and raised concerns about slowing economic growth.
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Separately, US government data on Wednesday showed US crude inventories fell by 7.2 million barrels last week, extending declines for a seventh week. Supplies at Cushing, Oklahoma, also dropped slightly.
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