Oil Prices Surge as US Targets Iranian Tankers
Oil prices surged on Wednesday as tensions between the US and Iran escalated. WTI climbed to $91.05 per barrel, up 0.92% on the session, while Brent rose 1.19% to trade at $95.68.
The increase comes after a wave of strikes by the US against Iranian targets, including air defense sites, radar systems, maritime assets, and facilities. The US Central Command reported that it had targeted 'mine laying capabilities' and 'communications sites' in retaliation for Iran's attacks on commercial shipping in the Strait of Hormuz.
The US also struck two Iranian tankers as part of its new 'tanker for tanker' policy in the region, marking the first time it has attacked Iranian vessels in retaliation rather than as part of a blockade. The move is likely to further disrupt crude flows and contribute to ongoing volatility in oil markets.