Commodities
Oil Prices Soar as Gulf Tensions Escalate Amid Tanker Strikes
Oil prices continued their upward trend on Thursday as tensions in the Gulf region escalated. The Brent crude benchmark rose 0.47% to trade above $96 per barrel, while West Texas Intermediate gained 0.84% and stood at over $91.77 per barrel.
The increase comes after Kuwait's armed forces reported ongoing Iranian aggression. US forces had struck two Iranian tankers on Tuesday as part of a 'tanker for tanker' strategy approved by President Donald Trump.
President Trump said the attacks were in retaliation for Iran's failed attempt to add sea mines to the Strait, which currently has no mines. However, Iran retaliated hours later, vowing to tighten its grip on the Strait of Hormuz.