US Strikes Send Crude Oil Futures Soaring as Persian Gulf Tensions Escalate
Crude oil futures rose on Wednesday morning following fresh US strikes against Iranian targets. At 9:31 am, December Brent oil futures were trading at $95.44, up by 4.23% from the previous day.
The US Central Command announced that its forces had completed a wave of strikes against Iranian military targets, including air defense sites, radar systems, maritime assets, and facilities. The strikes follow recent attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) on commercial shipping in the Strait of Hormuz and against American service members.
US President Donald Trump expressed his satisfaction with the situation, stating that he likes the position of the US much better now, with almost total control of the Strait of Hormuz. He also predicted that Iran's economy will continue to collapse, saying 'They (Iran) are just playing out the inevitable.'