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Oil Prices Jump as US-Iran Conflict Intensifies

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Oil Prices Jump as US-Iran Conflict Intensifies

Oil prices were rising Friday as the conflict between the US and Iran intensified, with Tehran targeting several Middle Eastern countries in retaliatory strikes.

West Texas Intermediate crude was up 4.2% at $82.25 a barrel in late-afternoon trade, while Brent rose 4.3% to $87.84.

Iran has hit Jordan, Kuwait and Qatar, while Tehran also claimed it targeted US military assets in Oman and Bahrain, CNN reported Friday.

An Iranian attack on a Kuwaiti power and water desalination plant caused damage to the facility and disrupted multiple electricity generation units, prompting emergency grid stabilization and repair efforts, Kuwait Times reported Friday, citing a statement by the country's Ministry of Electricity, Water and Renewable Energy.

Earlier, US forces hit several bridges in southern Iran, news outlets reported, citing Tehran's semi-official Fars news agency.

On Thursday, US Central Command said it completed a new round of strikes against Iran targeting "dozens" of military facilities. This marked the sixth straight night of US strikes against Iran, the CENTCOM said.

For the week so far, the two crude benchmarks are up 15% each. WTI and Brent were on track to log their second and third back-to-back weekly gains, respectively.

"Crude oil extended its rally, with Brent climbing back above $85 a barrel as energy and refined fuel flows through the Strait of Hormuz continues to slow amid the escalating conflict between the US and Iran," Saxo Bank said in a report Friday. "The renewed disruption has interrupted the recent recovery in regional supply, reviving concerns about tighter global markets."

Crude prices plunged in May and June, but have rallied this month as tensions between the US and Iran intensified, with no signs of de-escalation.

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