US-Iran Tensions Send Crude Oil Prices Soaring to Six-Week Highs
Crude oil prices surged on Wednesday to nearly six-week highs as escalating tensions between the US and Iran fueled concerns over energy disruptions from the Middle East. The US military launched fresh strikes against Iranian targets around the Strait of Hormuz, with President Donald Trump citing retaliation for Tehran's attempts to lay mines in the waterway.
The president also warned of a significantly larger response if Iran retaliates, while Treasury Secretary Scott Bessent noted that 17 million barrels of crude passed through the strategic waterway on Monday. This suggests Tehran does not have control over it.
Iran has responded to the US strikes by targeting US bases in the region and firing missiles toward Jordan. The escalating hostilities have contributed to rising oil prices, with crude climbing toward $91 per barrel for a third consecutive session.