On Friday, May 8, in the early morning hours in Asia, the global crude oil market surged in response to a new round of conflict between the United States and Iran in the Persian Gulf. West Texas Intermediate (WTI) crude oil futures soared by about 3%, reaching $97.26 per barrel, while the international benchmark Brent crude oil rose by 2.26% to $102.32 per barrel, indicating renewed concerns in the market about energy supply.
The conflict arises from the exchange of fire between the US and Iran in the Persian Gulf on Thursday. The US Central Command (CENTCOM) confirmed that three US destroyers were unexpectedly attacked by Iranian missiles, drones, and fast attack boats while on a mission in the region. The US forces retaliated, destroying the enemy’s launch sites and command centers, with no losses on the US side during the operation.
Iran, on the other hand, claimed that the US violated the ceasefire agreement reached on April 7 by attacking Iranian oil tankers, other vessels, and coastal civilian areas first, describing its armed actions as defensive responses.
Analysts point out that the fluctuation in oil prices reflects the high level of geopolitical uncertainty. In a report, ANZ Bank described the surge in prices as a “roller-coaster-like ascent” and warned that due to doubts about whether negotiations between the US and Iran will continue, oil prices are likely to remain volatile in the short term.
Citi analysts predicted that while the overall financial markets may tend to stabilize, the process of normalization will not be smooth, and oil prices are expected to remain high in the coming months.
Regarding the exchange of fire that occurred on Thursday, US President Trump downplayed the severity of the conflict in a conversation with reporters, reiterating that the ceasefire agreement between the two sides remains in effect.
Trump described the US military’s strike as “just a love tap.”
Later, he stated on the social media platform “Truth Social” that the US military had destroyed Iranian targets involved in the conflict, including small fast attack boats and drones, emphasizing that if Iran does not reach a nuclear agreement, they will face more military strikes.
Currently, the US military continues to enforce a trade blockade on Iranian ports. Despite the Trump administration temporarily suspending escort missions to show willingness to negotiate, with the resurgence of conflict, Washington is preparing to resume escort operations for merchant ships, making the tense situation in the Persian Gulf once again a focus of global attention.