BRENT.MI is trading at €20.93 (+4.03%) as crude oil prices surge amid renewed geopolitical tensions between the U.S. and Iran.
- Renewed military action between the U.S. and Iran has fueled concerns over the security of energy shipments through the Strait of Hormuz, driving oil prices up by more than 4% today.
- Brent crude is trading near $79-$80 a barrel as markets price in increased conflict risks, extending gains after recent escalations.
- This comes as markets also continue to consider the IEA’s recent projection of a global oil demand decline by 2026.