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WTI and Brent hit six-week highs as US strikes Iran continue
WTI was around $88.1 a barrel and Brent near $95.7 early Thursday, after the US launched its 12th straight night of strikes and Houthis expanded attacks on shipping.
Oil prices extended their climb in early Asian trade on Thursday as the United States and Iran continued exchanging strikes, pushing both major benchmarks to their highest levels in more than six weeks, according to OilPrice.
At the time of writing, WTI crude was trading around $88.05 per barrel, up 1.41% for the session, while Brent rose about 1.76% to roughly $95.73 per barrel.
OilPrice reported that the latest move came as the US launched its 12th consecutive wave of strikes against Iranian military targets, with American forces beginning a fresh round at 5:30 p.m. ET on Wednesday under orders from President Trump.
The report also tied the rally to wider shipping risks in the region, citing Iran-backed Houthis threats to oil shipping in the Red Sea and the IRGC claim that an oil tanker caught fire in the Strait of Hormuz, with additional tankers reportedly turning back.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%