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BackOil prices rise amid Iran-U.S. Gulf tensions as Kuwait intercepts missiles and drones
Oil prices rise amid Iran-U.S. Gulf tensions as Kuwait intercepts missiles and drones
Developing
CNBC World41 minutes agoBusiness1 min read

Oil prices rise amid Iran-U.S. Gulf tensions as Kuwait intercepts missiles and drones

irankuwaitunited states

Quick Look

  • Oil prices rose on Thursday as Iran continued strikes against U.S.
  • Gulf allies, with Kuwait intercepting incoming missiles and drones.
  • Brent crude futures increased 57 cents to $96.20 per barrel, while U.S.

AI-generated summary

Why It Matters

The U.S. and Iran have traded military strikes this week for the first time since July, with Washington aiming to degrade Tehran's ability to attack ships transiting the Strait of Hormuz. Over 17 million barrels of oil transited Hormuz on Monday under U.S. military protection, a wartime record.

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Oil prices rose on Thursday as Iran continued to strike U.S. Gulf allies with Kuwait intercepting incoming missiles and drones.

Brent crude futures was up 57 cents to $96.20 per barrel. The international benchmark broke $97 earlier in the session. U.S. West Texas Intermediate traded 85 cents higher at $91.86 per barrel.

Kuwait's armed forces said Thursday that the kingdom was facing "ongoing Iranian aggression" as the country's air defenses engaged missiles and drones, according to the Kuwait Times.

Oil prices have gained more than 7% this week The U.S. and Iran have traded military strikes this week for the first time since July. Washington seeks to degrade Tehran's ability to attack ships transiting the Strait of Hormuz.

Energy Secretary Chris Wright told CNBC on Wednesday that more 17 million barrels of oil transited Hormuz on Monday, a wartime record, under U.S. military protection. About 20 million barrels per day of crude and producted passed through the strait before the war started on Feb. 28.

President Donald Trump indicated Wednesday that he does not expect the current round of hostilities to escalate into a return to war.

"I don't think it will be very much longer," Trump said of the fighting. "I don't know how much more they can take."

What to Watch

AI outlook — possibilities, not facts

  • Oil prices will remain elevated if Iran-U.S. Gulf hostilities continue.

    Likely · Within weeks

  • The U.S. will maintain or increase military protection for ships in the Strait of Hormuz.

    Very likely · Within weeks

Open Questions

  • How long will the current round of hostilities last?
  • Will Iran continue its strikes against U.S. Gulf allies?
  • What is the full extent of damage from Iranian missile and drone attacks?
  • Will the U.S. increase military presence in the Strait of Hormuz?

Related Topics

iran
PeopleChris WrightDonald Trump
OrganizationsKuwait TimesU.S. Department of EnergyOffice of the President of the United States
PlacesKuwaitStrait of HormuzIranUnited States
Topicskuwaitunited statesoil pricesbrent crudewest texas intermediatestrait of hormuz
This article was originally published by CNBC World.

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