Oil prices rise slightly after US announces new round of strikes on Iran
Oil prices have risen slightly following reports of ongoing U.S. military strikes on Iranian targets and retaliatory attacks on facilities in Kuwait. The market is reacting to fears of supply chain disruptions in the Middle East.
Why it matters
Geopolitical instability in oil-producing regions directly impacts global energy markets and fuel prices.
FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Smoke billows near the oil facility in Mangaf, Kuwait, July 18, 2026, in this screen grab obtained from a social media video. Social Media/via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES. NEWS USE ONLY. Verification lines: - Tower, mosque, and buildings matched satellite and archive imagery. - Date verified by statement from Kuwait Petroleum Corporation that one of its oil facilities had been hit in "repeated Iranian attacks," causing significant damage and some injuries, according to the state news agency. - The area where the smoke is shown in the video is marked as a Kuwait Petroleum Company facility on Google maps.
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