Brent climbs above $95 as US-Iran hostilities escalate
Brent crude rose above $95 a barrel, its third straight gain and highest in nearly six weeks, as fresh US strikes on Iranian targets around the Strait of Hormuz stoked supply-disruption fears.
Brent crude climbed above $95 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.