US Strikes Iran Amid Escalating Conflict, Oil Prices Surge

Oil prices rose on Thursday after the US launched a series of strikes against Iran in retaliation for its missile attacks on American forces. The move dashed hopes for de-escalation in the conflict, which has disrupted oil markets and shipping through the Strait of Hormuz since late February.

The US Central Command described the operation as a 'powerful response' to Tuesday's attempted Iranian attacks. The strikes targeted dozens of Islamic Revolutionary Guard Corps facilities across Iran, including military command centers, missile and drone sites, and maritime capabilities.

The price of Brent crude futures, the international benchmark, gained 1.5% to $92.10 a barrel, while US West Texas Intermediate futures advanced 0.9% to $85.23 per barrel.

Iran's Islamic Revolutionary Guard Corps has threatened further escalation in response to the strikes. The group's actions come ahead of an OPEC+ meeting on Sunday, where oil producers are expected to announce a supply increase of 188k barrels per day for September.