Iran Airstrikes Fuel Oil Price Surge

Oil prices surged more than 2% on Thursday after Iran's Revolutionary Guards targeted a U.S. airbase in response to an earlier U.S. attack in Bandar Abbas.

The move came just hours after President Donald Trump rejected reports of a compromise deal with Tehran, sparking concerns that the conflict could escalate further.

Brent crude futures rose $2.38 to $96.67 a barrel, while West Texas Intermediate futures gained $2.24 to $90.92.

U.S. crude oil stockpiles fell for the sixth straight week, according to American Petroleum Institute data, which may contribute to rising prices in the coming weeks.