Brent oil price above $96 per barrel after Iran fires missiles at Kuwait
Brent crude oil prices remain elevated above $96 per barrel following military escalations between Iran and Kuwait. While U.S. officials express hope that the conflict will not escalate further, markets remain sensitive to disruptions in the Strait of Hormuz.
Why it matters
Geopolitical instability in the Middle East directly impacts global energy prices and supply chain security.
Oil prices were little changed Thursday as Iran continued to strike U.S. Gulf allies with Kuwait intercepting incoming missiles and drones.
Brent crude futures fell 11 cents to close at $95.52 per barrel. The international benchmark broke $97 earlier in the session. U.S. West Texas Intermediate rose 29 cents to settle at $91.30 per barrel.
Kuwait's armed forces said Thursday that the kingdom was facing "ongoing Iranian aggression" as the country's air defenses engaged missiles and drones, according to the Kuwait Times .
U.S. oil prices have gained more than 9% this week as Washington and Tehran have traded military strikes for the first time since July. Washington is seeking to degrade Tehran's ability to attack ships transiting the Strait of Hormuz.
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