US Targets Iranian Tankers, Sparking Fresh Oil Price Rally

Oil prices surged on Wednesday after the US targeted Iranian tankers in a significant escalation of hostilities between the two countries. WTI rose to $91.05 per barrel, up 0.92% from the previous day's close, while Brent climbed 1.19% to trade at $95.68.

The US Central Command reported that it had completed strikes against various Iranian targets, including air defense sites and maritime assets, in retaliation for the IRGC targeting commercial shipping and US service members in the region.

The IRGC claimed to have attacked Camp Titin, a US Marine facility on the Gulf of Aqaba, as well as targets in Bahrain and Kuwait. Jordan's armed forces confirmed that its air defense systems had intercepted 13 ballistic missiles fired from Iranian territory.