Oil Prices Soar as US-Iran Tensions Escalate
Oil prices continued their upward trend on Wednesday, rising for the second consecutive day after the US and Iran exchanged airstrikes overnight. The escalation of tensions in the Middle East led to concerns over supply disruptions, causing Brent crude futures to surge $1.03, or 1.1%, to $95.68 a barrel.
US West Texas Intermediate crude futures also climbed 61 cents, or 0.7%, to $90.83, following Tuesday's gains of more than $4 for both contracts. The sharp increase marked Brent's largest gain since July 24 and WTI's largest since July 23.
The US military launched a series of airstrikes against targets in Iran, prompting a response from Tehran, which claimed to have targeted a US military base in Jordan with ballistic missiles. Iranian state media reported a large-scale drone attack on a US base in Bahrain.