Brent oil prices rise above $96 following reported Iranian missile strikes in Kuwait

AI-summarized · Neutrality-checked

Brent crude futures rose 57 cents to $96.20 per barrel on Thursday following reports that Kuwaiti air defenses engaged incoming Iranian missiles and drones. Kuwait’s armed forces described the event as "ongoing Iranian aggression" amidst a week of retaliatory military strikes between the U.S. and Iran. Energy Secretary Chris Wright reported that 17 million barrels of oil moved through the Strait of Hormuz under U.S. military protection on Monday, while oil prices have increased more than 7% this week.

Consequences

Continued volatility in oil markets is likely as long as hostilities threaten transit through the Strait of Hormuz. While President Trump expressed an expectation that the fighting would not escalate into a return to war, the ongoing military engagement between the U.S. and Iran maintains upward pressure on global energy prices.

Sources

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