A360
Key Takeaways✦ Atlas AI
01
U.S. crude futures rose 2.58%.
02
U.S. conducted retaliatory strikes.
03
Iran accused U.S. of ceasefire violation.
Atlas AI
U.S. crude futures rose as much as 3% in early trading on Friday, May 8, asourceser renewed hostilities between the United States and Iran, according to sources.
West Texas Intermediate (WTI) was up 2.58%, or $2.45, at $97.26 a barrel as of 2233 GMT, asourceser initially gaining more than 3%.
The move followed the U.S. military’s announcement that it carried out retaliatory strikes on Thursday, May 7, targeting sites in Iran that it said were responsible for attacks on U.S. forces.
Iran’s military accused the U.S. of violating a ceasefire between the two countries, saying the U.S. targeted two ships in the Strait of Hormuz and attacked civilian areas.
The rise reversed the prior session’s decline, when the WTI contract settled down 27 cents at $94.81 per barrel.
