Oil Prices Rise for Third Day as U.S.-Iran Fighting Escalates in Strait of Hormuz

TLDR

• Brent crude rose to $95.55 and WTI hit $90.73 per barrel Wednesday, a third straight day of gains
• The U.S. launched fresh airstrikes on Iranian targets; Iran retaliated with missiles and drones at U.S. bases in Jordan and Bahrain
• Two oil supertankers were struck by unidentified projectiles in the Strait of Hormuz on Monday
• Iranian crude exports have dropped sharply, from around 2 million barrels per day in March to between 220,000 and 255,000 in August
• U.S. Treasury Secretary Scott Bessent said the Strait of Hormuz could become “worthless” within two years as Gulf nations build pipeline alternatives

Oil prices climbed for a third straight day on Wednesday as fresh U.S. airstrikes on Iran and retaliatory attacks from Tehran raised fears about crude supply disruptions from the Middle East.

Brent crude futures rose 0.9% to $95.55 per barrel, briefly touching $97.04 earlier in the session. West Texas Intermediate gained 0.6% to $90.73 per barrel. Both benchmarks had surged nearly 5% the day before.

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