Oil Prices Soar as Iran Targets US Bases and Halts Tankers
Oil prices surged by more than three percent on Wednesday after Iran announced that it had halted three oil tankers in the Strait of Hormuz and launched missile attacks on US military bases and oil-related facilities across the Middle East.
The developments heightened concerns over energy supplies and increased tensions in one of the world's most important oil-producing regions.
According to Iranian media, the Revolutionary Guards said their naval forces had intercepted and halted three oil tankers in the Strait of Hormuz despite a recent reduction in direct military confrontation between Tehran and Washington.
The US military reported intercepting several missiles launched by Iran, which added to the volatility in global energy markets. The price of West Texas Intermediate crude rose 3.67 percent to $82.17 per barrel, while North Sea Brent crude also recorded strong gains.