Oil edged higher on Wednesday as U.S. forces struck Iranian military targets for an 11th straight night and Kuwait reported Iranian drone attacks, deepening fears of supply disruptions. Brent reached $91.51 and WTI touched $84.64, one day after crude settled at a five-week high.
Oil prices inched higher in early Wednesday trading as fears of further supply disruptions intensified. U.S. forces struck Iranian military targets for the 11th straight night, while Kuwait reported attacks by Iranian drones.
Brent crude futures rose 0.55%, or 50 cents, to $91.51. U.S. West Texas Intermediate crude climbed 0.36%, or 30 cents, to $84.64 in low volume trading.
The gains followed Tuesday's session, when oil settled at a five-week high after U.S. forces hit targets in southern and western Iran. Iran, in turn, struck U.S. facilities in Bahrain, Kuwait and Jordan.
Persistent strikes have raised fears of further disruptions to global energy supplies. Yemen's Iran-aligned Houthis threatened to target vessels carrying Saudi oil in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia.
The Bab el-Mandeb waterway, at the southern entrance to the Red Sea, has become an increasingly important route for Saudi crude exports. That shift comes as traffic through the Strait of Hormuz has fallen sharply since a ceasefire between the United States and Iran collapsed earlier this month.
Separately, U.S. Defense Secretary Pete Hegseth said the war in Iran has cost the country $37.5 billion so far. That marked an increase of nearly $8 billion since the last public estimate.
Data from the American Petroleum Institute showed U.S. crude and distillate inventories rose last week while gasoline stockpiles fell. The figures came ahead of official data from the U.S. Energy Information Administration due Wednesday.
Source: Investing.com
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