Oil Prices Jump $1 After Iran Launches Missiles at Jordan
Brent climbs to nearly $100 a barrel as escalating US-Iran hostilities fuel concerns over wider regional instability and potential disruptions to global crude supplies.
US, Sep 09 : Oil prices extended their gains for a fourth consecutive session on Wednesday, rising by more than $1 in early trading after Iran launched fresh attacks targeting US military assets in the Gulf, intensifying the conflict between Washington and Tehran.
Brent crude futures advanced $1.57, or 1.6 per cent, to $99.49 a barrel by 0001 GMT. US West Texas Intermediate (WTI) crude gained $1.60, or 1.72 per cent, to $94.63 a barrel.
The latest increase adds to a sharp rally in global crude markets. Brent has risen by around 25 per cent since early August as expectations of a lasting settlement to the six month old conflict have weakened and renewed hostilities have raised fears about the security of energy supplies.
Iran’s Islamic Revolutionary Guard Corps said it had targeted two US destroyers as well as what it described as a US military base in Jordan’s Al Azraq. The attacks were presented as retaliation for recent US strikes on Iranian oil tankers.
Jordanian authorities said the country’s air-defence systems intercepted 18 of 20 ballistic missiles launched from Iranian territory. The remaining two missiles landed in unpopulated areas, with no casualties reported, according to the country’s state news agency.
The escalation has also prompted a warning from US Secretary of State Marco Rubio, who said Washington would continue targeting Iranian oil tankers in response to attempted attacks on US naval vessels.
Speaking to reporters during a visit to Colombia, Rubio said Iran’s attempts to strike American naval ships would trigger further action against Iranian tankers.
US Central Command said on Tuesday that American forces had destroyed five Iranian crude carriers on September 8, following attempted missile attacks on a US Navy warship over the previous two days.
The latest developments have heightened uncertainty across global energy markets, with traders closely monitoring the conflict for signs of further military escalation and its potential impact on oil production, shipping routes and crude supplies.
