West Asia conflict LIVE updates: Iran says 11 dead in U.S. strikes on its territory
Tensions between the U.S. and Iran have escalated following a cycle of retaliatory strikes, resulting in reported casualties and disruptions to oil markets. Brent crude prices have risen as concerns grow regarding the security of oil transit through the Strait of Hormuz.
Why it matters
The conflict threatens regional stability in West Asia and has immediate, tangible impacts on global energy prices and supply chains.
Oil prices rose in early trade, extending the previous session’s surge, as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the West Asia.
Brent crude futures rose 75 cents, or 0.8%, to $95.40 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude futures climbed 44 cents, or 0.5%, to $90.66.
“Developments in recent days brought risks to regional oil supplies back into focus...We’ve seen oil flow through the Strait of Hormuz despite the stalemate between the US and Iran, but rising tensions clearly put crossings at risk,” said ING analysts in a client note.
Iran pushed ahead with strikes targeting American interests around West Asia, vowing “severe” consequences to U.S. attacks, including one that the Iranian Red Crescent said left four people dead at a wedding celebration.
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