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Oil prices rise as Iran targets U.S. bases in Kuwait and Bahrain
Brent and WTI are in the upper $80s per barrel, with both benchmarks on track for roughly a 20% monthly gain as tensions raise fears of wider disruption.
Oil prices inched higher after Iran claimed it launched attacks on U.S. military assets in Bahrain and Kuwait, according to OilPrice.
The outlet said Iran’s army targeted Kuwait’s Ahmad al-Jaber Air Base, with Iranian media and an army statement describing strikes aimed at fighter aircraft hangars, satellite communications systems, and equipment depots. Iran had also claimed it targeted key U.S. facilities at Bahrain’s Sheikh Isa Air Base on Thursday.
OilPrice linked the firm pricing to concerns the renewed hostilities could spread to other countries, while noting that reports of some crude volumes managing to exit the Strait of Hormuz have helped keep prices below $90 per barrel.
The outlet added that crude prices had been trending lower over the past couple of days, but both Brent Crude and West Texas Intermediate were still on course to book weekly and monthly rises, with monthly gains close to 20%.
Latest closeWTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%