Oil prices volatile amid escalating Mideast tensions

Oil prices were volatile on Wednesday, as Mideast tensions continue to escalate after the U.S. carried out its latest round of attacks on Iran and Tehran reportedly struck back at Washington's regional allies.

Futures for international benchmark Brent crude for November delivery were up less than 0.1% at $94.70 a barrel as of 4:39 a.m. ET, paring earlier gains. U.S. West Texas Intermediate futures for October were down 0.16% at $90.08 per barrel, having added around 1% earlier in the session.

The U.S. Central Command said in a post on X, the strikes "follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members."

A tanker was struck by three unknown projectiles while transiting Hormuz on Monday, the U.K. Maritime Trade Operations Centre said in an incident report.

"I'm not trying to force Iran to the bargaining table, " U.S. President Trump said in a Truth Social post.

"I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing," Trump added.

Iran, in response to U.S. latest strikes, has reportedly attacked Kuwait, Jordan, and Bahrain with incoming drones and missiles, according to Al Jazeera.

"The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile," said Edward Rosenberg, head of ETFs at Strategy Shares. "Sanctions, stalled negotiations, and mixed signals on whether Iran wants the war to end are swinging prices day to day, not just holding them high."