U.S.-Iran Tensions Drive Oil Prices Near $96

Oil prices increased significantly as tensions between the U.S. and Iran escalated, with Brent crude approaching $96 and West Texas Intermediate (WTI) climbing above $91. The U.S. conducted strikes against Iranian military infrastructure and two Iranian government tankers under a new “tanker for tanker” policy, marking a shift in U.S. strategy.

This was the first instance of the U.S. attacking Iranian tankers in retaliation rather than as part of an ongoing blockade. The U.S.

Central Command (Centcom) reported strikes targeting air defense sites, radar systems, maritime assets, mine laying capabilities, and communications sites in response to Iranian Revolutionary Guard Corps (IRGC) actions against commercial shipping in the Strait of Hormuz and U.S. personnel in the region. In retaliation, the IRGC claimed to have attacked Camp Titin, a U.S.

Marine facility in the Gulf of Aqaba. Jordan's armed forces confirmed they intercepted 13 ballistic missiles launched from Iran, with 10 destroyed and three landing in remote areas.