Oil prices rose on Wednesday as Middle East tensions escalated following a new round of U.S. strikes on Iran, with Tehran retaliating by attacking Kuwait, Jordan, and Bahrain. International benchmark Brent crude gained more than 2% to $96.59 per barrel, while U.S. West Texas Intermediate futures advanced 1.73% to $91.78 per barrel. U.S. Central Command said the strikes followed recent attempted attacks by Iran’s IRGC against commercial shipping in the Strait of Hormuz and against American service members. President Trump said on Truth Social that the United States now has almost total control of the Strait of Hormuz and that Iran’s economy was totally collapsing. According to Edward Rosenberg, head of ETFs at Strategy Shares, the longer the war with Iran continues, the more oil prices will stay elevated and volatile.
Source: Read the original article
