On Thursday, oil prices increased as Brent crude futures rose by 57 cents to $96.20 per barrel, while U.S. West Texas Intermediate climbed 85 cents to $91.86 per barrel. This uptick comes amid reports of ongoing Iranian aggression, with Kuwait intercepting missiles and drones aimed at its territory.
The situation has escalated, marking the first military exchanges between the U.S. and Iran since July, as the U.S. aims to protect shipping routes in the Strait of Hormuz, a critical passage for oil transport. Energy Secretary Chris Wright noted that over 17 million barrels of oil transited the strait under U.S. military protection on Monday, a wartime record.
President Donald Trump expressed optimism that the current hostilities would not escalate into a full-blown war, suggesting that the conflict may soon de-escalate. The rise in oil prices, which have increased more than 7% this week, reflects investor concerns about potential disruptions in oil supply due to geopolitical tensions