Brent rises more than 2% following tit-for-tat strikes by the U.S. and Iran
Oil rose Wednesday, as Mideast tensions continue to escalate after the U.S. attacked Iran, while Tehran reportedly struck back at U.S. allies.
Oil prices rose on Wednesday following tit-for-tat strikes between the US and Iran. According to the New Straits Times and Investing.com, Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate crude futures climbed 80 cents, or 0.89%, to $91.02.
The US launched a series of airstrikes against targets in Iran overnight, prompting an Iranian response. The US Central Command said the strikes followed recent attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) against commercial shipping in the Strait of Hormuz and against American service members deployed to the region.
Iran responded with retaliatory missile and drone strikes against American bases in the region, including Camp Titin in Jordan and Shaikh Isa Air Base in Bahrain, according to the Malay Mail. The IRGC said the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict.
Brief written by urgent.news from CNBC, New Straits Times, Investing.com, Malay Mail, RTE News — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
