US-Iran Conflict Escalates as Oil Prices Surge Amid Tanker Strikes

Oil prices surged on Wednesday as the US and Iran escalated their conflict. The US Central Command (Centcom) reported that it had launched a wave of strikes against Iranian targets, including air defense sites, radar systems, maritime assets, and facilities. This was in response to Iranian aggression, which included targeting commercial shipping in the Strait of Hormuz and US service members in the region.

The US also struck two Iranian tankers as part of its new 'tanker for tanker' policy in the Strait. The IRGC claimed to have attacked Camp Titin, a US Marine facility on the Gulf of Aqaba, in response to US aggression. Jordan's armed forces confirmed that its air defense systems had dealt with 13 ballistic missiles fired from Iranian territory.

Oil prices have climbed by roughly $5 since hostilities between the two countries renewed. WTI traded at $91.05 per barrel, up 0.92% on the session, while Brent rose to $95.68, a gain of 1.19%. The American Petroleum Institute reported a 2.6 million barrel draw in US oil inventories, which added to the upward pressure on prices.

President Trump posted on social media that he 'couldn't care less' if Iran signs an agreement, and asked when the Iranian people would rise up and fight. This latest escalation may mark a turning point in the conflict after a month of relative calm.