US Strikes on Iran Send Oil Prices Soaring Near $95 Threshold
Oil prices have ticked up as the US Army resumes air assaults on Iranian targets. The move comes after recent attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) against commercial shipping in the Strait of Hormuz and American service members.
The strikes, carried out by the US Central Command (CENTCOM), targeted IRGC sites including air defense systems, maritime assets, and mine laying capabilities. CENTCOM stated that the attacks were in response to recent attempts by the IRGC to disrupt commercial shipping in the region.
Oil prices have risen as a result of the increased tensions in the region. Brent crude's price has moved close to $95/bbl threshold, a level that could have significant implications for the global economy.