Iran's Missile Attacks Send Oil Prices Soaring Amid Gulf Escalation
Oil prices surged on Thursday after Iran launched missile and drone attacks towards Kuwait, heightening concerns over crude flows through the Strait of Hormuz.
The escalation comes as Washington and Tehran continue exchanging military strikes, with the confrontation putting the security of key Gulf energy infrastructure and shipping routes under renewed scrutiny.
US oil prices have risen more than 9% this week, reflecting heightened geopolitical risk and concerns about potential disruptions to global crude supplies.
Brent crude futures were up 0.1% at $95.70 a barrel, while US West Texas Intermediate (WTI) crude gained 58 cents, or 0.6%, to $91.59 a barrel.
U.S. Energy Secretary Chris Wright said more than 17 million barrels of oil passed through the strait on Monday under U.S. military protection, describing it as a record level since the outbreak of the war.