Crude Prices Soar Amid Escalating Mideast Tensions

Crude oil prices surged on Wednesday amid escalating tensions in the Middle East. The US-Iran conflict is threatening global energy supplies, causing crude and gasoline prices to rally sharply. President Trump said the US will 'hit Iran hard' after a recent attack from Iran that targeted a US base in Jordan.

The Islamic Revolutionary Guard Corps (IRGC) targeted a US airbase and command center in Jordan with ballistic missiles and halted three tankers attempting to transit through the Strait of Hormuz. The US and Saudi Arabia launched a joint attack on 'Iran-aligned terrorists' in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.

Tensions remain high as the US maintains its blockade of Iranian oil shipments in the Persian Gulf, with diplomatic attempts to reopen the Strait of Hormuz at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz would not address Iran's concerns.