Oil jumps over $3 as Middle East tension continues

10:09 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices continued to rise today, March 5, amid ongoing tensions in the Middle East and the halt of crude tanker traffic through the Strait of Hormuz, as ship owners fear their vessels could become targets of Iranian retaliatory strikes.

 

Brent crude was trading up 3.78% at $84.38 a barrel, at 08:53 am Makkah time. West Texas Intermediate (WTI) surged 4.26% to $77.84 a barrel.

 

US President Donald Trump expressed confidence in the US military campaign against Iran, although the timeline for operations remains unclear.

 

US Energy Secretary Chris Wright confirmed in an interview with Fox News that the impact of the Iranian conflict on energy markets would be temporary and negligible compared to achieving US military objectives.

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