Iran Strikes Back at Regional Allies Amid Escalating Middle East Tensions
Oil prices have been volatile as tensions in the Middle East continue to escalate. The U.S. has carried out its latest round of attacks on Iran, which has reportedly retaliated by striking at Washington's regional allies Kuwait, Jordan, and Bahrain.
The U.S. Central Command said the strikes were in response to recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and American service members.
U.S. West Texas Intermediate futures for October are down 0.16% at $90.08 per barrel, while Brent crude for November delivery is up less than 0.1% at $94.70 a barrel.
Edward Rosenberg, head of ETFs at Strategy Shares, warned that oil prices will continue to stay elevated and volatile as long as the war with Iran persists.