Oil Prices Soar Above $95 as US Strikes Iran During Market Hours
The US military launched strikes on Iran during market hours, causing oil prices to surge. Brent crude climbed above $95 a barrel and West Texas Intermediate futures jumped 5.2% to close at $90.22 a barrel on the first day of trading. The strikes were in response to recent Iranian attacks on civilian vessels in the Strait of Hormuz and on US service members.
The US Central Command said it had begun strikes on Islamic Revolutionary Guard Corps targets in Iran, targeting two Iranian government oil tankers for the first time. President Donald Trump warned that the strikes had been very powerful and that Iran would be completely wiped out as a nation if another attack followed.
Russia has been secretly helping Iran develop advanced supersonic cruise missiles, according to the Financial Times. The G20 finance ministers' meeting, chaired by the US, closed with no clear remedy for the rising sovereign yields and geopolitical turmoil unsettling investors.