President Trump indicated that the current round of hostilities between the U.S. and Iran will not escalate into a full return to war.
President Trump indicated that the current round of hostilities between the U.S. and Iran will not escalate into a full return to war. The administration announced that the U.S. is seeking to degrade Tehran's ability to attack ships transiting the Strait of Hormuz. Oil prices rose this week as Washington and Tehran traded military strikes for the first time since July. Kuwaiti armed forces reported that the kingdom faced ongoing Iranian aggression as air defenses engaged incoming missiles and drones. U.S. West Texas Intermediate rose 29 cents to settle at $91.30 per barrel, while Brent crude futures fell 11 cents to close at $95.52 per barrel. The international benchmark broke $97 earlier in the session. Energy Secretary Chris Wright reported that more than 17 million barrels of oil transited Hormuz on Monday under U.S. military protection, a wartime record. Before the war started on February 28, crude and products passed through the strait at a year rate of 20 million barrels per day.
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Oil prices little changed after Iran fires missiles at Kuwait
CNBC
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US presses Iran sanctions driving oil prices higher
Semafor