US-Iran Conflict Sparks Oil Price Surge
US-Iran tensions have escalated further, causing international oil prices to surge. As of early Asian trading on September 9, Brent crude (UKOIL) reached an intraday high of $99.67, mere cents shy of the $100 mark.
The price increase is largely attributed to the growing conflict between the US and Iran. The escalation began with reports that Iran's Islamic Revolutionary Guard Corps used ballistic missiles to strike two US destroyers and a US military base near Al Azraq in Jordan in retaliation for US attacks on Iranian oil tankers.
US Central Command stated that it destroyed five Iranian crude oil tankers on September 8, labeling the action as a response to Iran's prior attempt to attack US warships. US Secretary of State Rubio warned that if Iran continues to target US Navy vessels, the US will continue to strike Iranian oil tankers.
The conflict has also spread to Saudi Arabia, with Yemen's Houthi militants launching missile and drone attacks on several cities in southern Saudi Arabia and claiming strikes on Saudi Aramco energy facilities in Abha, Najran, and Jazan. The attacks injured 73 people, causing fires at some energy facilities and forcing them to suspend operations.