Brent Crude Soars Over $123 Amid U.S. Military Briefing on Iran

AI Summary

June futures for Brent crude rose over 4% to $123 a barrel following reports of a U.S. military briefing on potential actions against Iran. West Texas Intermediate increased nearly 2% to $108.86. Goldman Sachs indicated that exports through the Strait of Hormuz have fallen to 4% of normal levels due to ongoing U.S. blockades and stalled negotiations. The situation has caused concerns about supply disruptions, although demand for oil shows emerging downside risks, particularly in jet fuel and petrochemical sectors.