Key facts
- Oil prices rose as U.S. forces conducted an 11th consecutive night of strikes on Iranian targets.
- Kuwait reported intercepting Iranian drones.
- Yemen's Iran-aligned Houthis threatened a naval blockade of Saudi Arabia in the Bab el-Mandeb Strait.
- Brent crude futures increased to $91.51 per barrel, and WTI crude futures rose to $84.64 per barrel.
- The U.S. war in Iran has cost $37.5 billion.
- U.S. crude and distillate inventories increased last week, while gasoline stockpiles decreased.
Oil prices edged higher as fears of further supply disruptions intensified following an 11th consecutive night of U.S. strikes on Iranian military targets and reports of Iranian drone attacks intercepted by Kuwait. Brent crude futures rose 0.55% to $91.51, and U.S. West Texas Intermediate crude climbed 0.36% to $84.64.
The renewed strikes come after previous rounds of attacks and threats, including from Yemen's Iran-aligned Houthis who announced a naval blockade of Saudi Arabia targeting the crucial Bab el-Mandeb Strait. This waterway is vital for Saudi crude exports, and its closure could significantly impact global oil supply.
Data from the American Petroleum Institute indicated an increase in U.S. crude and distillate inventories last week, while gasoline stockpiles fell. The U.S. defense secretary stated the ongoing conflict in Iran has cost the U.S. $37.5 billion so far.