Oil Prices Rise as U.S. and Iran Exchange Strikes in Persian Gulf
U.S. forces struck over 80 targets in Iran and Iran responded by hitting U.S. sites in Bahrain and Kuwait, prompting a jump in oil prices and concerns for regional shipping traffic.
Oil prices climbed on Wednesday after a series of military exchanges between the United States and Iran in the Persian Gulf. The U.S. Central Command reported that its forces hit more than 80 targets in Iran, including dozens of small boats used by the Iranian military, to reduce Iran’s capacity to attack commercial shipping.
In retaliation, Iran’s military command said it struck 85 U.S. military locations in Bahrain and Kuwait and reaffirmed its claim to control traffic through the Strait of Hormuz. The escalation coincided with the U.S. administration revoking a waiver that had permitted Iran to sell oil, a move that followed recent attacks on tankers in the strait.
Analysts noted that the heightened tension could hinder the gradual recovery of shipping activity in the region, which has been sensitive to disruptions in the vital energy corridor.
"The operation was intended to degrade Iran’s ability to continue attacking international commerce," a U.S. spokesperson said.
"Iran remains committed to defending its interests in the strait and will respond to any aggression against its assets," an Iranian military official said.