Oil Prices Rise Amid Continued US Strikes on Iranian Military Targets

Oil prices climbed today amid growing concerns about potential supply disruptions following the announcement that US forces have commenced airstrikes on Iranian military targets for the eleventh consecutive night.

By 09:35 Moscow time, September futures for West Texas Intermediate crude were trading at $85.24 per barrel, marking a 1.07% increase from the previous closing price.

Meanwhile, September futures for the global Brent crude benchmark were quoted at $92.19 per barrel, up 1.30% from the prior settlement.

This price movement follows yesterday’s settlement when oil reached its highest level in five weeks after US forces struck targets in southern and western Iran. Concurrently, Tehran launched attacks on American facilities located in Bahrain, Kuwait, and Jordan.

In the early hours of Wednesday, the US Central Command announced the initiation of a new wave of strikes against Iran, marking the eleventh consecutive night. The stated objective is to undermine Iran’s capability to threaten commercial shipping traffic through the Strait of Hormuz.