Crude oil prices rallied on Wednesday following an exchange of strikes between U.S. and Iranian forces in the Persian Gulf. The surge was compounded by the Trump administration’s decision to withdraw a sanction waiver permitting Iranian oil sales, a response to recent attacks on tankers in the Strait of Hormuz—a vital artery for global energy supplies.
According to U.S. Central Command, American forces struck more than 80 sites inside Iran during an operation that wrapped up in the early hours of Wednesday local time. The targets included numerous small vessels operated by the Iranian military, which U.S. officials said were hit “to degrade Iran’s ability to continue attacking international commerce.”
In retaliation, Iran’s military command launched attacks on 85 U.S. installations in Bahrain and Kuwait on Wednesday and reaffirmed its assertion of authority over transit through the strait. The escalating tit-for-tat threatens to undo the fragile revival of shipping traffic in the area.
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