Commodities
US-Iran Strikes Send Oil Prices Soaring as Supply Disruptions Loom
Oil prices rose on Wednesday as the US and Iran exchanged strikes, deepening fears of supply disruptions.
The latest attack extended a flare-up in hostilities that began over the weekend and was the first since July. Oil supplies faced new disruptions, and traders began looking for alternative routes and sources of crude.
Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel as of 00:08 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 0.89%, to $91.02 a barrel.
The US said it had carried out a series of airstrikes on targets in Iran overnight after the Islamic Revolutionary Guard Corps attempted to attack commercial shipping in the Strait of Hormuz and U.S. service members deployed in the region.