US-Iran Conflict Escalates, Oil Prices Surge on Supply Disruption Fears
Oil prices surged nearly 1% in early trade on Wednesday as tensions between the US and Iran escalated following overnight strikes. The conflict has intensified supply disruption concerns, causing Brent crude futures to rise 87 cents to $95.52 a barrel, while U.S. West Texas Intermediate crude futures climbed 80 cents to $91.02.
The US said it launched airstrikes against targets in Iran, prompting an Iranian response. The Islamic Revolutionary Guard Corps (IRGC) claimed the strikes would further restrict traffic through the Strait of Hormuz, a critical waterway that carries about one-fifth of the global oil consumed before the conflict.
Jordan's military intercepted 10 out of 13 ballistic missiles that entered its airspace, while two US officials reported no American casualties from the attacks. Kuwait said its armed forces were responding to hostile drone activity.