Middle East Conflict Sends Oil Prices Soaring Towards $100
The Middle East conflict escalated on Wednesday as Iran launched fresh attacks against the United States. The US responded by targeting Iranian oil tankers and vessels in the Strait of Hormuz, leading to a surge in oil prices.
The price of Brent crude rose to $99.46 per barrel, while the main US contract West Texas Intermediate traded at $94.45 per barrel. Iran's Revolutionary Guards said they attacked two US vessels, eight oil tankers, and 10 non-compliant vessels trying to pass through the Strait.
The US military said it directed the crews of the Iranian oil carriers to abandon ship before destroying them. The strikes were in response to Iran's attacks on US vessels, including a missile attack from the US that targeted a small Iranian tanker near Kharg Island.
Iran warned all oil tankers in Kuwait and Bahraini ports to leave their vessels as they would be targeted. The chief of staff of the Iranian Armed Forces, Ali Abdollahi, said any attack on Iranian oil tankers would result in the targeting of US bases in the region by the armed forces.