Oil Prices Surge Amid Ongoing Hormuz Blockade Following Iranian Attacks on Kuwait and Bahrain
Oil prices surged over 1% on Wednesday amid escalating tensions in the Middle East, following Iran’s missile launches towards Kuwait and Bahrain. The ongoing conflict has now entered its fourth month, with no resolution in sight despite attempts at peace negotiations between Tehran and Washington. The disruption in the Strait of Hormuz has persisted for 96 days, further impacting market stability.
Brent crude futures rose by $1.05, or 1.09%, reaching $97.05 a barrel, while US West Texas Intermediate (WTI) crude increased by $1.01, or 1.08%, to $94.77. The uptick in prices coincided with Iran’s ballistic missile launches, which, according to the US military, did not hit their intended targets. In retaliation, US forces conducted strikes on Iran’s Qeshm Island, labeling the missile launches as attempted attacks.
US crude inventories have also been declining, with a report from the American Petroleum Institute indicating a drop of 6.8 million barrels for the week ending May 29. This marks the seventh consecutive week of falling crude stockpiles. Amid these developments, Iran claimed responsibility for targeting US military facilities in Kuwait, citing American aggression in the region. Iran’s state-run broadcaster reported that its actions were a direct response to US hostility.
Kuwait’s air defense systems reportedly intercepted incoming missiles and drones, with the Kuwaiti Army confirming that explosions heard across the country were linked to defensive operations. The US Central Command stated that while Iran launched several ballistic missiles towards neighboring countries, all failed to reach their targets. Two missiles aimed at Kuwait either fell short or disintegrated mid-flight, while three directed at Bahrain were intercepted by US and Bahraini defense systems.
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