US-Iran Strikes Push Oil Prices Up Almost 1%
Oil prices rose nearly 1% on Wednesday as concerns over supply disruption intensified after the US and Iran exchanged strikes overnight.
The United States said it had launched a series of airstrikes against targets in Iran, prompting an Iranian response. The IRGC claimed that the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway for global oil consumption.
Brent crude futures rose 87 cents to $95.52 a barrel, while US West Texas Intermediate crude futures climbed 80 cents to $91.02. The contracts soared more than $4 on Tuesday, marking Brent's largest gain since July 24 and WTI's largest since July 23.
The latest exchange followed a weekend flare-up in hostilities and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies.