𝗢𝗶𝗹 𝗣𝗿𝗶𝗰𝗲𝘀 𝗥𝗶𝘀𝗲 𝗔𝘀 𝗜𝗿𝗮𝗻 𝗦𝘁𝗿𝗶𝗸𝗲𝘀 𝗞𝘂𝘄𝗮𝗶𝘁 𝗔𝗻𝗱 𝗕𝗮𝗵𝗿𝗮𝗶𝗻
Oil prices climbed more than 1% on Wednesday. Tensions grew after Iran launched missiles toward Kuwait and Bahrain.
Brent crude futures rose $1.05 to $97.05 per barrel. US West Texas Intermediate crude added $1.01 to reach $94.77 per barrel.
The US military said Iranian missiles failed to hit their targets. US forces later struck Iran's Qeshm Island in response.
The Strait of Hormuz remains blocked for the 96th day. The closure began on February 28 after the US and Israel launched joint strikes on Iran. The passage carries 20% of global energy supplies.
Peace talks between Tehran and Washington produced no breakthrough. Iranian media reported no contact between the sides for several days. US President Donald Trump said talks continued without interruption.
US crude inventories dropped for a seventh straight week. Stockpiles fell by 6.8 million barrels during the week ended May 29. The American Petroleum Institute released the data on Tuesday.
Kuwait said its air defense systems stopped incoming missiles and drones. Explosions sounded across parts of the country. The Kuwaiti Army linked the sounds to air defense operations.
US Central Command said Iran fired several ballistic missiles toward neighboring countries. Two missiles aimed at Kuwait fell short or broke apart in flight. Three missiles aimed at Bahrain were stopped by US and Bahraini air defense systems.
Iran said it targeted US military facilities in Kuwait. The action came in response to US strikes in the Persian Gulf.
Crude prices moved from $70 per barrel before the conflict to above $125. Prices later fell below $100 as diplomatic signs appeared.