US Strikes on Iran Send Oil Prices into a Spin

Oil prices remain volatile as fresh US strikes target Iranian targets.

The US military carried out a wave of strikes against dozens of IRGC targets across Iran, hitting military command centers, missile and drone facilities, coastal surveillance and defense sites. The move comes after Iran launched ballistic missiles towards US forces in the Middle East, which were intercepted by US and Saudi forces.

The conflict has spread beyond the Gulf, with Egyptian authorities reporting drone strikes on two natural gas vessels operating off its coast. In Yemen, the Iran-aligned Houthis have escalated attacks on commercial shipping and Saudi-linked energy assets around the Red Sea and Bab el-Mandeb Strait.

US crude stockpiles fell by 7.2 million barrels last week to their lowest level since 2018, defying expectations of a rise. This has reinforced expectations of tighter near-term supplies in the world's largest oil consumer.