Crude oil climbs toward $91 as US-Iran tensions escalate
Crude oil rose for a third straight session toward $91 a barrel, reaching its highest level in nearly six weeks as US strikes on Iranian targets near the Strait of Hormuz stoked supply disruption fears.
Crude oil climbed toward $91 per barrel on Wednesday, rising for a third consecutive session to its highest level in nearly six weeks as escalating hostilities between the US and Iran heightened concerns over further disruptions to energy flows from the Middle East.
The US military launched fresh strikes against Iranian targets around the Strait of Hormuz, which President Donald Trump said were retaliation for Tehran’s attempts to lay mines in the waterway and for an earlier attack on a US military base.
Trump also threatened a significantly larger response should Tehran retaliate.
Iran said it had already responded by targeting US bases in the region and firing missiles toward Jordan.
Meanwhile, US Treasury Secretary Scott Bessent said Iran’s bankruptcy is in the “acceleration phase,” while noting that 17 million barrels of crude passed through Hormuz on Monday, suggesting Tehran does not have control of the strategic waterway.