US-Iran Tensions Spark Sharp Oil Price Surge
Oil prices surged on Wednesday as the US and Iran engaged in a new escalation of hostilities, with the US targeting Iranian tankers in the Strait of Hormuz.
The price of West Texas Intermediate (WTI) climbed to $91.05 per barrel, up 0.92% on the day, while Brent crude rose 1.19% to trade at $95.68.
According to US Central Command (Centcom), a wave of strikes was carried out against Iranian targets, including 'air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites.'
The IRGC claimed to have attacked Camp Titin, a US Marine facility on the Gulf of Aqaba, in response to US aggression. Jordan's armed forces confirmed that its air defence systems had 'dealt with' 13 ballistic missiles fired from Iranian territory.
President Trump posted on social media that he 'couldn't care less' if Iran signs an agreement, adding to the uncertainty surrounding the conflict.