Reuters: Brent oil rises $5 after activating air defenses in Tehran economy

Reuters reported on Thursday that Brent crude futures rose by $5 per barrel after activating air defenses in the Iranian capital, Tehran.

The price of Brent crude reached $104.82, according to Financial Times platform data, an increase of approximately 3%, while the price of West Texas Light crude contracts reached $95.74 per barrel before settling at $95.85 upon settlement, which means an increase of 3.11%.

Brent crude prices increased during the past 12 months by approximately 71%, while the percentage of increase for American light crude (West Texas Intermediate crude) reached 95.7%.

The Iranian Mehr News Agency reported that the sound of air defense systems was heard engaging with what was described as “hostile targets” in parts of the capital, and this came following reports of the activation of air defense batteries in Tehran.

Before the news of targeting targets in the skies of Tehran came out, global oil prices rose earlier today, driven by the stagnation of negotiations between the United States and Iran to end the state of war between them, and also due to the continued restrictions on the movement of commercial ships in the Strait of Hormuz.