Commodities● Neutral
Oil Tops $80 as US Strikes Tehran, Blockades Iranian Ports
U.S. WTI topped $80 a barrel after Centcom said it struck Iranian military targets and reinstated a naval blockade. An analyst warned oil could retest $100 if hostilities persist.
Continue with
Oil prices rose Wednesday after U.S. forces struck Iranian military assets near the Strait of Hormuz and reinstated a naval blockade of Iranian ports. U.S. West Texas Intermediate for August delivery climbed 1.01% to $80.14 a barrel. Brent crude for September gained 1.23% to $85.77.
Central Command said late Tuesday that aircraft and naval vessels hit missile and drone facilities, coastal defense systems and other military targets in a seven-hour operation. The strikes aimed to degrade Iran’s ability to threaten commercial shipping, Centcom said. Earlier in the day, U.S. forces resumed a naval blockade on vessels traveling to and from Iranian ports.