Oil Rises After US-Iran Hostilities Flare Again With Strikes on Energy Targets
Brent crude rose 1.72% to $86.19 per barrel and WTI rose 1.4% to $80.40 on Wednesday due to renewed U.S.-Iran hostilities.
President Donald Trump reimposed a naval blockade on all Iranian ports, and Iran retaliated by closing the Strait of Hormuz and launching drone attacks on U.S. locations.
The U.S. military began a fresh round of strikes to degrade Iranian capabilities used to attack commercial shipping in the Strait of Hormuz.
Iran's Islamic Revolutionary Guard Corps claimed drone attacks targeted U.S. positions at Jordan's Azraq base and facilities in Bahrain and Kuwait.
Analysts noted that oil prices could move toward $100 if hostilities intensify and damage energy infrastructure around the Gulf.
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