Trump's Iran attack plans drive US oil prices over 11%
Business
Oil prices shot up over 11% in the US after President Trump announced plans for more attacks on Iran, raising worries about global supply.
WTI crude hit $111.27 per barrel, its biggest spike since 2020, and even traded nearly $3 higher than Brent, which is pretty unusual.
Citigroup projects Brent $95 to $130
The market's reacting to fears of disrupted oil routes and ongoing conflict.
Countries are scrambling to keep the key Strait of Hormuz open, while recent Ukrainian strikes have already reduced Russian export capability by 1 million barrels a day.
With all this uncertainty, Citigroup thinks Brent could average anywhere from $95 to $130 per barrel later this year.