Brent crude oil extended its rally, closing above USD95, following renewed US military action against Iran and subsequent Iranian retaliation across the Middle East. According to Commerzbank analysts, Brent crude rose 1.0% to close at USD95.63, although it eased from an intraday high of around USD97 after President Trump indicated that the renewed US bombing campaign against Iran could be short-lived. President Trump emphasized that while the campaign may not last long, the US remains prepared to strike again if necessary [1].
The US conducted a second round of attacks within three days, targeting radar systems and mine-laying capabilities along Iran’s southern coast. In response, Iran retaliated against US bases across the Middle East. Despite these escalations, the situation is described as highly fluid, with little evidence of a durable de-escalation at this stage [1].
In addition to the movement in oil prices, gold also rebounded, rising approximately 1.2% to USD4,382, reflecting broader market reactions to the ongoing geopolitical tensions [1].
No specific forward-looking statements or analyst opinions regarding future price movements were provided beyond the observation that the situation remains unstable and subject to rapid change [1].
CONCLUSION
Brent crude oil prices surged above USD95 amid renewed US-Iran hostilities, though gains moderated as expectations for a short-lived campaign emerged. The market remains highly sensitive to developments, with no clear signs of de-escalation. Investors are closely monitoring the evolving situation for further impact on commodity prices.