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Oil rises as U.S. targets Iranian tankers in renewed escalation
WTI traded around $91.1 per barrel and Brent near $95.7 after the U.S. completed strikes against multiple Iranian military site types, following IRGC attacks on shipping in the Strait of Hormuz.
Oil prices rose again in early Asian trade Wednesday as U.S. and Iran tensions escalated after about a month of relative calm, with the market reacting to the latest round of strikes.
According to OilPrice, WTI was around $91.05 per barrel, up 0.92% on the session, while Brent rose about 1.19% to roughly $95.68. The benchmarks have both climbed by around $5 since hostilities between the two countries renewed.
The outlet said U.S. Central Command reported it completed a wave of strikes against air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites. The strikes were described as retaliation for IRGC actions targeting commercial shipping in the Strait of Hormuz and U.S. service members in the region.
OilPrice also noted Axios reporting that the U.S. struck two Iranian tankers under a new tanker for tanker policy, described as the first time the U.S. attacked Iranian tankers in retaliation rather than as part of its ongoing blockade. The IRGC claimed it attacked Camp Titin, and Jordan confirmed it dealt with 13 ballistic missiles fired from Iranian territory, destroying 10 and seeing three fall in remote areas, while Kuwait reported engaging missile and drone threats.
Latest closeWTI crude $90.79 ▲5.9%|Brent $95.25 ▲5.3%