Crude oil futures surge as market worries about further escalation of US-Iran conflict
International oil prices rose sharply as the market became increasingly concerned that the United States and Iran could return to an all-out war and threaten crude oil transportation in the Strait of Hormuz. Global benchmark Brent crude oil rose more than 3.5% to around $87 a barrel, on track for its biggest weekly gain since April. According to reports, the United States is sending dozens of additional aerial tankers to Israel, and the market expects that the conflict will escalate in the short term. In the latest round of conflict, Iran attacked Kuwait's water supply and power generation facilities, damaging several generating units. Previously, the United States launched air strikes against Iran for the sixth consecutive day, targeting defense facilities. Simon Lack, portfolio manager of Catalyst Energy Infrastructure Fund, said: "Compared with crude oil, the supply of refined oil products is more tight. During the previous brief ceasefire, energy company executives warned that inventories continued to decline and there was almost no buffer space in the entire system." Although the latest military operation has not reached the scale of the peak of the war in March and early April, it has put traders on high alert. Meanwhile, Russian crude oil exports fell sharply after Ukraine attacked Russian refineries and prompted Moscow to ban diesel exports. U.S. lawmakers also sought to increase pressure, with senators unveiling a proposed sanctions Buyer's bill text. According to traders familiar with the situation, Iran has sold 8 million to 10 million barrels of offshore storage crude oil to Asian refineries and will arrange delivery outside the Strait of Hormuz. Affected by market concerns about continued disruptions in liquefied natural gas (LNG) transportation, European natural gas futures once rose 7% to the highest level since March. Brent crude futures for September delivery rose 3.9% to $87.49 a barrel. WTI crude oil futures for August delivery rose 4.1% to $82.17 a barrel. Open a futures account on Sina's cooperative platform, safe, fast and guaranteed