Iran Strikes US Bases in Kuwait and Bahrain Amid Escalating Conflict

The conflict between Iran and the United States has escalated again after Iran claimed it launched attacks on US military assets in Bahrain and Kuwait. The Iranian army targeted the Ahmad al-Jaber Air Base in Kuwait, according to Iranian media reports.

The strikes came just two days after a halt to hostilities was announced over the weekend, sparking concerns that the conflict could spread to other countries. Oil prices have remained in the upper $80s per barrel amid these tensions.

Despite recent improvements in crude oil volumes exiting the Strait of Hormuz, reports of more tankers passing through the waterway have kept prices below $90 per barrel. Brent Crude and West Texas Intermediate are on course to book both a weekly and a monthly rise, with gains close to 20% on a monthly basis.