Oil prices rise as Iran-Israel conflict fans supply worries
Oil prices climbed over 2% on Tuesday as Iran-Israel tension intensified and U.S. President Donald Trump urged "everyone" to evacuate Tehran, increasing the prospect of deepening unrest in the region and disruption to oil supply.
The
Brent crude futures
contract was up $1.17, or 1.6%, at $74.4 a barrel as at 0005 GMT and U.S.
West Texas Intermediate crude
was up $1.34, or 1.87%, at $73.11 - both having risen more than 2% earlier in the trading session.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Access all TV channels anywhere, anytime
Techno Mag
Learn More
Undo
Both contracts settled more than 1% lower on Monday on hope of easing geopolitical tension after media reports of Iran seeking an end to hostilities.
However, the conflict took a turn for the worse on its fifth day on Tuesday as Iranian media reported explosions and heavy air defence fire in the capital Tehran. Over in Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. Hostilities could disrupt its supply of oil and thereby increase prices.
Live Events
On Monday, an Israeli strike hit Iran's state broadcaster and the head of the U.N. nuclear watchdog also indicated extensive damage to Iran's biggest uranium enrichment plant.
Trump said Iran should have signed a nuclear deal with the U.S. before Israeli strikes began and that he believes Iran now wants to reach an agreement.
Easing of U.S. sanctions as part of any deal would allow Iran to export more oil, weighing on global crude prices.
Elsewhere, OPEC and allies including Russia - or OPEC+, which pumps about half of the world's oil - said on Monday it expected the global economy to remain resilient in the second half of the year. It also trimmed its forecast for growth in oil supply from the U.S. and other non-OPEC+ countries in 2026.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
22 minutes ago
- Time of India
Trump mobile phone is here: Price, features, and everything you didn't ask for
Memecoins are so passé; it's time for Trump mobile phones! In a move that has left tech enthusiasts and political pundits buzzing, Donald Trump Jr. and Eric Trump unveiled the Trump Mobile service. What's the occasion? Well, the Trump kids wanted to mark the 10th anniversary of Donald Trump's 2016 presidential campaign launch and do something special for their dad. Late Father's Day celebration much? Seems so! Late appreciation, new gimmick! Donald Trump Jr. and Eric Trump didn't just stop there. To make their dad proud and make America more tech-savvy, alongside the service – which is set to become available in September 2025 – the Trump kids introduced the T1 Phone—a gold-colored smartphone priced at $499, designed to cater to conservative consumers seeking a patriotic alternative in the tech market. What Is the T1 Phone? The T1 Phone is an Android-based device boasting a 6.8-inch AMOLED display, 256GB of storage, and a 50-megapixel camera. The device is marketed as being "Made in America," with the Trump Organization emphasizing domestic manufacturing and customer support. However, industry experts have expressed skepticism about these claims, citing the challenges of establishing the necessary infrastructure for smartphone production in the United States of America. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Blaydon-on-tyne: If You Were Born Between 1940-1975 You Could Be Eligible For This Life Cover Reassured Get Quote Undo How much does it cost? Priced at $499, the T1 Phone positions itself in the mid-range market segment. The accompanying mobile service plan, dubbed "The 47 Plan," offers unlimited talk, text, and data within the US, along with benefits such as 5G access, roadside assistance, and telehealth services. The plan is priced at $47.45 per month, which is seemingly a (not so) clever nod to Trump's status as both the 45th and 47th president of the United States. Made in America, really? While the Trump Organization promotes the T1 Phone as being "Made in America," the feasibility of entirely domestic production remains uncertain. Critical smartphone components like processors, displays, and camera sensors are typically sourced globally, and final assembly traditionally occurs in Asia. No wonder the claim of a fully US-made device is met with skepticism by industry analysts! The obvious meme factor The T1 Phone's gold-colored design and the "Made in America" branding are clearly aimed at appealing to patriotic consumers. However, the device's actual specifications and features place it in direct competition with established mid-range smartphones from companies like Samsung and OnePlus. The question remains: does the gold finish and political branding justify the price tag, or is it a golden gilded gimmick? Only time will tell! Trump's Meme Coin Gala a FLOP? Guests Reveal Bad Food, No Booze & Chaos | WATCH
Hans India
22 minutes ago
- Hans India
Government Calls for Evacuation of Indians in Tehran: Here's What to Know
Evacuation Iran news: India has issued a new Tehran travel advisory India urging Indians evacuate Tehran to evacuate the city and contact their Embassy. The Indian embassy alert Iran has set up a 24-hour emergency helpline in Tehran: +989010144557, +989128109115, +989128109109 The latest news on the Iran-Israel Conflict: Iran has launched another surge of drone and bullet attacks against Israel, as the conflict enters its fifth day. This is fueling fears that the Middle East could be gulfed by a long- term conflict. Tensions escalated between the two long-time enemies Iran and Israel after Tel Aviv launched 'Operation Rising Lion,' last week against Iran's nucleus facilities. Since then, Tehran has responded with a barrage missiles and drones which have hit Israeli cities and town, killing more than 20 people and injuring many others. Local media reported that the Iranian authorities had busted an Israeli intelligence agency Mossad drone factory in Tehran. The report states that the Iranian authorities arrested in separate operations two individuals suspected of working for Israel's Mossad Intelligence Agency. The operatives were in possession of over 200 kilograms explosives and components for 23 drones. Launchers, as well as other technical equipment, including launchers. Abbas Araghchi said that Israel's attacks against Iran "deal a serious blow" to diplomacy in a phone call with his French and British counterparts. Abbas Araghchi stated that the Israeli aggression towards Iran during the nuclear Iran crisis 2025 with the United States was a blow to diplomacy. Dramatic images of a missile hitting the studio compound of Iranian State TV were posted online Monday amid the conflict. Sahar Imami had to leave the studio as it shook from the impact of the missile. As Iran and Israel consolidate their deadly conflict, the United States is bolstering its military presence to strengthen its" protective position" in the Middle East. Pete Hegseth, US Defense Secretary, said that he ordered the deployment to the Middle East of fresh protective capabilities. He did not reveal what military capability he sent.
Hans India
22 minutes ago
- Hans India
Indian students evacuated from Tehran, some moved out of country via Armenia: MEA
New Delhi: Indian students in Tehran have been relocated from the city, and some Indian nationals have been assisted in leaving the country through the border with Armenia, the Ministry of External Affairs (MEA) announced on Tuesday amid the escalating conflict between Israel and Iran. As the Israel-Iran conflict entered its fifth day, the hostilities between the two nations continued to escalate as several missiles from Iran were fired at Israel, triggering air raid sirens in Haifa and dozens of other cities and communities across northern Israel and the occupied Golan Heights, confirmed by the Israeli military. "Indian students in Tehran have been moved out of the city for reasons of safety, through arrangements made by the Embassy. Other residents who are self-sufficient in terms of transport have also been advised to move out of the city in view of the developing situation," the MEA said. "Separately, some Indians have been facilitated to leave Iran through the border with Armenia," it added. The Ministry also said that the Indian Embassy is continuously in touch with the community to provide all feasible assistance. It stated that further advisory will be issued for the security of Indian nationals. Earlier in the day, India urged its nationals in Iran and Persons of Indian Origin (PIO) to evacuate Tehran and shift to a safer location following escalating tensions in the region. "All Indian Nationals and PIOs who can move out of Tehran using their own resources, are advised to move to a safe location outside the City," the Indian Embassy in Iran had posted on X. The Indians were asked to be in touch with the Embassy and provide their location and contact numbers. The Embassy also issued helpline numbers -- +989010144557; +989128109115; +989128109109 -- to assist the evacuation process. This also comes against the backdrop of Israel's warning to people, advising them to evacuate central Tehran, signalling a possible escalation in its military offensive on Iran. In a post on X, Avichay Adraee, a spokesman for the Israeli military, called residents of District C, located in the northeastern part of the city, to evacuate. "In the coming hours, the Israeli army will operate in this area, as it has over recent days in other parts of Tehran, to strike military infrastructure belonging to the Iranian regime," Adraee said. "Your presence in this area endangers your life," he said. "For your safety and security, we urge you to immediately evacuate." Several important state institutions, government offices, and semi-governmental organisations, as well as communication and intelligence facilities, are located in District C, Xinhua news agency reported. The Israeli military said in a statement that since the morning hours, Israeli warplanes have struck trucks containing weapons and surface-to-air missile launchers, advancing from western Iran toward Tehran.
