Oil prices rose on Thursday after the U.S. launched a heavy wave of strikes against Iran in retaliation for its missile attacks on American forces in the region, dashing hopes for de-escalation. Iran’s Islamic Revolutionary Guard Corps has threatened further escalation in response. Brent crude futures gained 1.5% to $92.10 a barrel, while U.S. West Texas Intermediate futures advanced 0.9% to $85.23 per barrel. The two-hour-long strikes targeted dozens of Iranian military installations, including command centers, missile and drone facilities, coastal surveillance and defense sites, marking a new turn in a conflict that has whipsawed oil markets and disrupted shipping through the Strait of Hormuz since late February. Traders are now looking ahead to the OPEC+ meeting on Sunday, where the producer group is expected to announce a supply increase of 188,000 barrels per day for September.
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