Oil prices rose 2 percent as U.S.-Iran tensions fueled supply concerns.
SINGAPORE – Oil prices rose more than 2 percent on Wednesday after attacks by the United States and Iran on each other raised concerns that a fragile ceasefire could break down and disrupt energy supplies from the Middle East.
Brent crude futures were up $1.92, or 2.6%, at $76.08 a barrel at 0400 GMT. U.S. West Texas Intermediate (WTI) crude was also trading up $1.82, or 2.6 percent, at $72.26 a barrel.
The Islamic Revolutionary Guard Corps (IRGC) said it had launched missile and drone strikes targeting US military installations in the region, describing the operation as a response to the latest US attacks on Iran.
In a statement issued on Wednesday, the IRGC said the initial phase of its response included attacks on 85 US military bases in Bahrain and Kuwait using missiles and drones.
The statement also accused Washington of violating the ceasefire and the “Islamabad Accord”, alleging that US forces carried out airstrikes on several coastal installations and civilian areas along Iran’s southern coastline on Wednesday morning. The IRGC further claimed that the attacks reflected a continuing pattern of what it described as violations of US treaties.
“In an initial response to this aggression, the IRGC’s naval and air forces, through joint missile and drone operations, destroyed 85 major US military installations in Port Salman, the (US) Fifth Naval Base in Bahrain and Ali Salem Airbase in Kuwait, and shot down an enemy MQ9 drone”. IRGC statement.
Earlier, US Central Command (CENTCOM) said it had completed a new round of offensive strikes against Iran on July 7, hitting more than 80 targets with precision weapons in an immediate response to Iran’s alleged fresh attacks on merchant ships passing through the Strait of Hormuz.
U.S. forces targeted Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait to reduce Iran’s ability to continue attacking international trade passing through the international trade corridor.
“Iran recently attacked three merchant ships passing through the strait, including the Marshall Islands-flagged M/T Al Rekayyat, the Saudi Arabian-flagged M/T Wedyan, and the Liberian-flagged M/T Cyprus Prosperity. The Iranian forces’ unwarranted aggression is a clear and dangerous violation of the ceasefire.”
The post 2% increase in oil prices, US-Iran tension has given rise to supply concerns appeared first on Daily Pakistan English News.
Stay updated with the latest alerts on this story:
View Original Coverage
