The New York Times reports oil prices surged approximately 6% to $76.5 per barrel after the start of US strikes on Iran. Iranian opposition sources claim casualties from the strike on Bandar Abbas, with additional footage emerging of the aftermath.
The United States launched strikes on the Iranian port city of Bandar Abbas late Tuesday, targeting the Shahid Haqqani port facility, which houses Islamic Revolutionary Guard Corps infrastructure, according to reports. Footage of the aftermath circulated on social media, released by opposition sources and cited by Israeli journalist Asaf Rozenzweig. The strikes have driven global oil prices up 6% to $76.5 per barrel, as reported by The New York Times, reversing a recent decline.
The sequence of reports from the scene unfolded rapidly. At 00:47 Jerusalem, initial unverified reports described fire columns rising from Shahid Haqqani port after US Air Force strikes. Minutes later, reports specified the target was the port facility, with IRGC infrastructure. Subsequently, opposition sources released footage of the aftermath, and documentation showed continued strikes on the port.
The oil price surge comes amid a volatile period. As The Zioneer reported on July 7, oil prices had surged after the United States revoked sanctions easing on Iran over incidents in the Strait of Hormuz. Earlier in June, prices had fallen to $75 per barrel, nearing pre-conflict levels, amid expectations of a US-Iran peace deal and potential increased Iranian oil exports.
The extent of damage and casualties in Bandar Abbas remains unverified. It is not yet clear whether the United States plans additional strikes. Markets are likely to remain volatile as the situation develops.
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