US-Iran Tensions Escalate as Oil Prices Surge
The escalating tensions between the US and Iran have taken another dramatic turn as the US struck Iranian oil tankers in the Gulf, prompting Iran to retaliate by attacking a US base in Jordan.
According to reports, the US Central Command carried out strikes on five Iranian crude oil carriers, which were described as a response to Iran's Islamic Revolutionary Guard Corps targeting a US Navy warship. The US warship reportedly evaded both Iranian attacks and continued to patrol regional waters without sustaining any casualties.
The incident led to a significant increase in Brent crude prices, with futures rising $1.57 or 1.6% to $99.49 a barrel by 0001 GMT. US West Texas Intermediate crude was also up, at $94.63 a barrel, an increase of $1.60 or 1.72%.
Iran has threatened to target oil tankers in Kuwaiti and Bahraini ports, with the IRGC claiming to have attacked two US destroyers, although this claim has not been confirmed by the US military.