Oil Prices Soar Amid Escalating US-Iran Tensions

Brent crude oil prices rose to near $88 a barrel on Friday, marking a nearly 24% gain in July, as geopolitical tensions escalated following Iranian drone attacks on Kuwaiti facilities. The U.S. is reportedly considering strikes on Iranian energy infrastructure, including refineries and power plants, as peace talks collapse.

The interception of Iranian drones by Kuwait's armed forces targeted 'vital facilities' and caused material damage from falling shrapnel, according to Major General Saud Abdulaziz Al-Otaibi, spokesman for the Ministry of Defense. No injuries were reported in the attack.

Efforts to reach a lasting peace have stalled, with both sides accusing each other of breaching a mid-June interim ceasefire agreement. The conflict may also involve the Israeli military for the first time in weeks, which could trigger Iranian missile attacks on Israel.