Oil Nears $100 as U.S. Destroys Five Iranian Tankers
Oil prices continued to climb towards the $100 mark in early Asian trading on Wednesday after the U.S. destroyed five more Iranian crude tankers and Iran targeted U.S. forces in Jordan. These attacks are just the latest phase of a major escalation that began over the weekend when U.S. forces hit three other oil tankers in response to the IRGC targeting two U.S. warships. At the time of writing,…
Oil prices soared towards the $100 mark on Wednesday after the U.S. destroyed five more Iranian crude tankers, according to early Asian trading reports. This escalation comes after Iran targeted U.S. forces in Jordan, following a series of attacks on oil tankers. The latest attacks were in response to the IRGC's attempt to hit a U.S. Navy warship with ballistic missiles.
U.S. Central Command announced the destruction of five Iranian crude oil carriers in the Gulf of Oman, while Iran claimed to have struck Jordan's al-Azraq Air Base and targeted U.S. vessels and oil tankers. Iran also recovered a U.S. unmanned underwater vehicle in the Strait, though both sides disagree on the specifics. Oil prices had already been rising due to the Houthis' strikes on Saudi Arabia, forcing the Kingdom to halt operations at several energy sites.
Traders are closely watching the American Petroleum Institute's inventory report to gauge the market's response to the ongoing conflict.
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