US-Iran Conflict Sends Oil Prices Soaring
Oil prices rose nearly 1% in early trade on Wednesday as concerns over supply disruption intensified following the US and Iran exchange of strikes overnight.
The Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel by 0008 GMT, while U.S. West Texas Intermediate crude futures climbed 80 cents, or 0.89%, to $91.02.
The US had launched a series of airstrikes against targets in Iran overnight, prompting an Iranian response in the most serious escalation of the conflict between the two countries in weeks.
The IRGC said the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping.