Iran Strikes Send Oil Prices Soaring Above $96 Per Barrel

Oil prices surged on Thursday as Iran continued to engage in military strikes against US Gulf allies. Brent crude futures rose by $0.57 to reach a high of $96.20 per barrel, breaking through the $97 mark earlier in the session.

Kuwait's armed forces reported that they were facing ongoing Iranian aggression after intercepting incoming missiles and drones. The country's air defenses successfully engaged these threats, according to the Kuwait Times.

The increase in oil prices has been significant this week, with a gain of over 7%. This comes as the US and Iran have traded military strikes for the first time since July. Energy Secretary Chris Wright stated that more than 17 million barrels of oil transited through the Strait of Hormuz on Monday under US military protection, setting a wartime record.

President Donald Trump indicated that he does not expect the current hostilities to escalate into a return to war, saying 'I don't think it will be very much longer.' However, he also expressed uncertainty about how long Iran can withstand further strikes.