Crude Oil Tops $95 on Escalating Tensions in the Middle East
Oil prices surged nearly 5% Wednesday, with Brent crude topping $95 a barrel, as escalating US-Iran tensions and growing threats to shipping raised fears that instability could spread across the Middle East’s two critical energy corridors, the Strait of Hormuz and Bab el-Mandab.
International benchmark Brent crude traded at $95.41 per barrel, up 4.83% from the previous close of $91.01. US benchmark West Texas Intermediate (WTI) traded at $88.56 per barrel, up around 5% from $84.34 in the previous session.
Jordan’s military said Wednesday that it had intercepted Iranian missiles and drones after explosions were heard in the southern city of Aqaba and warning sirens sounded over a possible attack.
A military source told the state-run Petra news agency that air defense systems detected six missiles launched from Iran toward Jordan and engaged them immediately after they entered the kingdom’s airspace.
The latest developments heightened concerns that geopolitical tensions in the Middle East could spread from the Strait of Hormuz to the Bab el-Mandeb Strait, raising the risk of further disruptions to global energy supplies and maritime shipping.
Iran-backed Yemeni Houthis imposed a blockade on Saudi Arabia amid rising tensions between Washington and Tehran, adding to concerns over shipping through the Bab el-Mandeb Strait following developments in the Strait of Hormuz.
The group said six ships had turned back within 24 hours after receiving warnings from Houthi forces. It did not identify the vessels or say where they had changed course.
Saudi Arabia condemned the move and said it would take firm measures to protect its territory and vessels. Earlier, US forces struck three locations in Iran’s southwestern Bushehr province early Wednesday, including an area hosting a key nuclear facility, Iranian state media reported.
Explosions were reported in Bushehr and Dashti counties, according to Ehsan Jahanian, the province’s deputy governor for political and security affairs. He said a strike near Khormoj, the capital of Dashti County, caused no casualties.
The attacks came as the US launched another round of strikes across Iran. Air defenses were activated around Tehran, while attacks were reported in several other parts of the country.
The US Central Command (CENTCOM) said Tuesday that it had completed its 11th consecutive night of strikes against Iran.
Iran has responded with attacks on facilities and bases it says are used by the US military in several countries across the region.
Meanwhile, US Secretary of State Marco Rubio said Wednesday that Washington remained willing to pursue diplomatic solutions with Iran, emphasizing that the US was open to negotiated settlements to resolve differences.
“The United States is always committed to diplomacy. We are open-minded and always willing to engage in negotiated settlements of differences, and that remains true in the case of Iran,” Rubio said at a meeting of the Association of Southeast Asian Nations (ASEAN) in the Philippine capital Manila.
He added that Iran had been communicating with Washington both “directly and indirectly” about the possibility of discussions aimed at resolving ongoing tensions.
“The problem we’re having right now is that they’re not serious about talks. “If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies,” he said. Oil Prices Surge, Brent Tops $90 on Heightened Supply Risk
