FX.co ★ Oil Jumps as US Hits Iran for Second Day

Crude oil rose above $93 per barrel on Thursday, extending gains from the previous session as the US military launched strikes against Iran for a second day, heightening concerns that peace efforts could collapse and that a conflict disrupting global markets could be prolonged. President Donald Trump accused Tehran of stalling negotiations over an interim peace deal, while Iranian officials said the country would stand firm against any threat. Earlier in the week, the US carried out what it described as “self-defense strikes” in response to the downing of an American helicopter, prompting Iran to retaliate by targeting US military facilities in Bahrain, Jordan, and Kuwait. The near-total closure of the Strait of Hormuz continued to tighten global energy supplies, though there were signs that limited volumes of oil were still being shipped out of the Persian Gulf. At the same time, EIA data showed that US crude inventories fell by 7.2 million barrels last week, marking the seventh consecutive weekly decline.