U.S. crude tops $90 as Iran retaliates with strikes on Kuwait, Jordan and Bahrain
Oil rose Wednesday, as Mideast tensions continue to escalate after the U.S. attacked Iran, while Tehran reportedly struck back at U.S. allies.
TL;DR
- Oil prices climbed on Wednesday amidst escalating Mideast tensions.
- U.S. carried out strikes on Iran, which reportedly retaliated against U.S. allies Kuwait, Jordan, and Bahrain.
- International benchmark Brent crude futures advanced, as did U.S. West Texas Intermediate futures.
- The U.S. Central Command stated the strikes followed attempted attacks by the IRGC on commercial shipping and American service members.
- A tanker was struck by projectiles while transiting the Strait of Hormuz.
- President Trump expressed confidence in the U.S. position with control of the Strait of Hormuz and Iran's collapsing economy.
- An expert noted that the duration of the conflict with Iran will keep oil prices elevated and volatile.