US-Iran Tensions Send Oil Prices Soaring Amid Strait of Hormuz Concerns
Oil prices continued their volatile ride on Wednesday as tensions between the United States and Iran escalated, raising concerns over energy supplies and shipping through the Strait of Hormuz.
The Brent crude futures price rose by 0.02% to $94.67 per barrel, according to Mettis Global data, while West Texas Intermediate (WTI) crude futures increased by 0.08% to $90.29.56 per barrel.
The latest market moves followed a new round of US strikes on Iran, which Tehran responded to with drone and missile attacks against US regional allies, including Kuwait, Jordan, and Bahrain, as reported by CNBC.
US President Donald Trump stated that Washington was not seeking to force Iran into negotiations, while claiming the United States had gained near-total control of the Strait of Hormuz.