Oil prices rise slightly after US announces new round of strikes on Iran
Oil prices rose slightly on Wednesday after U.S. forces announced a new round of strikes on Iran. Brent crude futures rose 0.55%, or 50 cents, to $91.51 after markets opened on Wednesday, while U.S. West Texas Intermediate crude climbed 0.36%, or 30 cents, to $84.64 in low-volume trading. This comes after oil settled at a five-week high on Tuesday after U.S. forces struck targets in southern and western Iran, while Iran attacked U.S. facilities in Bahrain, Kuwait and Jordan.
The U.S. military said it began its latest strikes on Iran late on Tuesday in the United States, or early Wednesday in Iran. The U.S. attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones on Wednesday. Pete Hegseth, the U.S. defence secretary, said the country's war in Iran has cost it $37.5 billion so far, an increase of nearly $8 billion since the last public estimate. Data from the American Petroleum Institute showed that U.S. crude and distillate inventories rose last week.
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Oil prices saw a slight increase in early trading on Wednesday amidst escalating fears of supply disruptions. This comes as geopolitical tensions in
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