Iran Targets US Airbase in Response to American Strikes; Oil Prices Surge Amid Strait of Hormuz Disruption

France24 and AFP reported oil prices rising due to US-Iran strikes, while Bloomberg and WSJ reported oil prices falling or edging lower due to ceasefire optimism.

Reuters and Middle East Eye reported oil markets steadying or rebounding, while CNA and Bloomberg noted oil markets whipsawing due to ceasefire uncertainty.

Oil Headed for Sharp Weekly Losses on U.S.-Iran Deal Optimism  WSJ

Oil Edges Lower at Open on Tentative Deal to Extend Iran Truce  Bloomberg.com

Oil markets have whipsawed this week as investors parse the chances of a breakthrough between Washington and Tehran that could potentially resume normal shipping through the Strait of Hormuz.

Oil steadies as market awaits possible US-Iran ceasefire deal  Reuters

Oil prices rebound as markets watch war on Iran  Middle East Eye

Benchmark prices for crude oil rose on Thursday as Iran said it targeted a US airbase in response to American air strikes. Commercial traffic through the Strait of Hormuz, which had slightly ticked up in previous days, dwindled down to almost nothing again. Also in this edition: Australia takes legal action against US consumer goods giant 3M over "forever chemicals" in firefighting foam. Plus Brazilian leader Lula endorses more oil and gas exploration in the Amazon.

The strikes come despite a ceasefire between Tehran and Washington as the two countries hold peace talks.

Oil prices bounced higher on Thursday while Asian stocks mostly fell, as new US strikes on Iran marked the latest test of a shaky ceasefire in the Middle East war. The price jumps erased much of Wednesday’s declines on the hopes of an imminent deal to end the conflict that has all but halted shipping through the crucial Strait of Hormuz for months. An American official said the military had shot down four Iranian drones and struck a control centre in the southern city of Bandar Abbas. The official, speaking to AFP on condition of anonymity, described the latest actions as “measured, purely defensive, and intended to maintain the ceasefire”. Tehran’s state media said Iranian forces had fired at four ships in the strait, while Kuwait said its air defences were responding to missile and drone attacks. The developments came despite an Iranian official saying renewed hostilities with the United States were unlikely, and a threat from US President Donald Trump to “finish the job” if a peace deal was not reached. The mixed signals underscored the fragile state of talks aimed at ending the Middle East war, which has profoundly shaken global energy markets. Brent North Sea crude, the main international benchmark, rose by 1.8 per cent in Thursday morning trade to $95.95 a barrel, while the main US contract, West Texas Intermediate, increased by 1.7pc to $90.17. Stock markets across Asia were mostly down, with Hong Kong’s Hang Seng index dipping more than 1.5pc. Seoul was down nearly 1pc, while Shanghai ticked 0.3pc lower. Taipei’s main index gained more than one percent, while Tokyo was flat at the midday break. The declines came after a strong day for global stocks on Wednesday, as investors, bullish on artificial intelligence, looked past the conflicting headlines on Iran. In Asia, South Korean chipmaker SK hynix hit a $1 trillion market capitalisation, placing it alongside regional tech heavyweights Samsung Electronics and TSMC, as well as US chipmaker Micron. The tech surge has coincided with a persistent spike in energy prices, which has threatened several major Asian economies that rely on oil shipments from the Middle East. Economists warn that central banks may have to raise interest rates if inflation worsens as a result of the war, increasing borrowing costs and potentially weighing on economic growth. On Wednesday, “every headline pulled the market in a different direction, leaving traders with the same conclusion they have been wrestling with for weeks”, said Stephen Innes at SPI Asset Management. “The Strait may eventually reopen fully, but until there is something more concrete than draft frameworks and political theatre, every barrel remains hostage to headline volatility, even if sub-$100,” he said.

Oil climbs, stocks drop on fresh US-Iran strikes  France 24