Oil Prices Soar as US-Iran Conflict Escalates

Oil prices surged nearly 1% on Wednesday as concerns over supply disruptions intensified following the exchange of strikes between the US and Iran.

The escalation of tensions in the Middle East caused Brent crude futures to rise 87 cents, or 0.92%, to $95.52 a barrel, while U.S. West Texas Intermediate crude futures climbed 80 cents, or 0.89%, to $91.02.

The US Central Command stated that the strikes were in response to recent attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) against commercial shipping in the Strait of Hormuz and American service members deployed to the region.

Iran claimed it had targeted a US military base in Jordan with ballistic missiles, while Kuwait reported its armed forces responding to hostile drone activity during the flare-up.