Oil Tops $90 as Iran Retaliates Against U.S. Strikes
Oil prices surged, driven by renewed concerns over supply security in the region after the US attacked Lark Island near the Strait of Hormuz and Iran retaliated.
International benchmark Brent crude futures for November delivery traded at $90.32 per barrel, up 4.8% from the previous close of $86.12.
US benchmark West Texas Intermediate (WTI) crude futures for October delivery traded at $85.34 per barrel, up 2.3% from $83.4.
US military carried out attacks on two targets on Lark Island last night. At least two people, including civilians, were killed and two others were injured in the attacks, according to reports.
Iranian media reported that missiles were fired at targets in the region following the attack. Iran’s Islamic Revolutionary Guard Corps (IRGC) said it responded by striking two US air bases in Jordan with ballistic missiles.
Iranian military also said it targeted US troops and helicopters stationed at the Al Minhad Air Base in the United Arab Emirates (UAE) with dozens of drones.
Iranian President Masoud Pezeshkian said his country was not seeking war but would respond decisively to aggressors.
Iranian Foreign Ministry also said Tehran would continue responding to any military aggression against the country, adding that both the US and other parties involved in the planning or execution of attacks against Iran would be held responsible.
Iran also reported that a supertanker allegedly attempting to pass through the Strait of Hormuz illegally struck two naval mines and caught fire.
Rising tensions in the region have heightened concerns over oil shipments through the Strait of Hormuz, which carried about one-fifth of the world’s oil supply before the war.
Experts say each new escalation delays the strait’s reopening and that rising maritime shipping risks could keep oil prices in the $85-$95 per barrel range.
Meanwhile, US President Donald Trump said his country would replenish its strategic petroleum reserves with Venezuelan oil, adding that the process would begin very soon.
In a statement on Aug. 29, Trump said the US had reached what he described as “the largest oil deal in world history” with Venezuela and had secured control over a large portion of the country’s more than 65 billion barrels of oil reserves.
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