Oil prices increased in volatile trading Wednesday as U.S. forces conducted another round of strikes against Tehran, and Washington reimposed its naval blockade of Iranian ports near the Strait of Hormuz.
U.S. West Texas Intermediate futures for August delivery increased by 1.01%, reaching $80.14 per barrel. September futures for the international benchmark Brent rose 1.23% to $85.77.
U.S. Central Command announced late Tuesday that it conducted another series of strikes against Iran, targeting dozens of military assets near the Strait of Hormuz and along Iran’s coast in a seven-hour operation.
Central Command reported that the attacks, which involved fighter aircraft, drones, and naval vessels, targeted missile and drone facilities, naval assets, and coastal defense systems to diminish Iran’s capacity to threaten commercial shipping.
The operation began as U.S. forces resumed a naval blockade on vessels traveling to and from Iranian ports earlier in the day.
Centcom Commander Brad Cooper said Iran had “intentionally” targeted civilians and attacked seven commercial vessels over the previous week, leaving roughly a dozen crew members dead, missing or injured.
Iran on Tuesday attacked two UAE oil tankers with cruise missiles, further threatening shipping safety through the waterway, and launched a series of strikes at US military bases in Gulf nations Jordan and Bahrain, where the US Navy’s Fifth Fleet is based.
By CEO NA Editorial Staff
