Oil prices rose by more than 2% on Wednesday as renewed US-Iran tensions raised fresh fears over Middle East energy supplies. Brent crude increased by $1.92, or 2.6%, to reach $76.08 per barrel at 0400 GMT. US West Texas Intermediate also gained $1.82, or 2.6%, trading at $72.26 per barrel.
The rise came after the United States and Iran reportedly exchanged strikes, creating concerns that the already fragile ceasefire could break down. Traders feared any further escalation could affect oil shipments through key regional routes.
Iran’s Islamic Revolutionary Guard Corps said it launched missile and drone attacks on US military sites in the region. The IRGC described the action as a response to recent US strikes on Iranian targets.
According to the IRGC, its first phase targeted 85 US military locations in Bahrain and Kuwait. It claimed the operation hit Port Salman, the US Fifth Fleet base in Bahrain, and Kuwait’s Ali Salem Airbase.
The group also accused Washington of violating the ceasefire and the so-called Islamabad understanding. It alleged that US forces had struck coastal facilities and civilian areas in southern Iran.
Earlier, US Central Command said it had carried out fresh offensive strikes against Iran on July 7. Centcom said more than 80 targets were hit with precision weapons.The US military said the strikes targeted Iranian air defense systems, coastal radar sites, command networks, anti-ship missile capabilities, and several IRGC boats near the Strait of Hormuz.
Centcom said the action was taken after Iran allegedly attacked three commercial vessels passing through the strait. It called the attacks a serious violation of the ceasefire and a threat to freedom of navigation. The Strait of Hormuz is one of the world’s most important oil routes. Any threat to shipping there can quickly affect global oil prices.
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