Oil prices rose in early trading in Asia amid the prospect of the escalating conflict in the Middle East. West Texas Intermediate oil futures rose 0.8% to $80.24 a barrel in recent months. US officials said that after listening to briefings from senior aides for several days, US President Trump is inclined to expand US military operations in Iran. An analyst at ANZ Research said in a research report: “Trump promised to step up the bombing of Iran until Iran stops attacking ships in the Strait of Hormuz and agrees to reopen it. “These analysts added that there are “concerns about further disruptions in oil supply”. The Strait of Hormuz is a key waterway, and one-fifth of the world's oil is transported through this strait.

Oil prices rose in early trading in Asia amid the prospect of the escalating conflict in the Middle East. West Texas Intermediate oil futures rose 0.8% to $80.24 a barrel in recent months. US officials said that after listening to briefings from senior aides for several days, US President Trump is inclined to expand US military operations in Iran. An analyst at ANZ Research said in a research report: “Trump promised to step up the bombing of Iran until Iran stops attacking ships in the Strait of Hormuz and agrees to reopen it. “These analysts added that there are “concerns about further disruptions in oil supply”. The Strait of Hormuz is a key waterway, and one-fifth of the world's oil is transported through this strait.