Oil Continues Fourth Session Rise Amid Escalating Regional Tensions

Oil prices rose for the fourth consecutive session by over one dollar in early Wednesday trading, following new Iranian attacks on American military installations in the Gulf region, indicating an expanding regional conflict. Brent crude futures climbed $1.57 (1.6%) to reach $99.49 per barrel by 00:01 GMT. US West Texas Intermediate (WTI) crude increased $1.60 (1.72%) to hit $94.63 per barrel. This surge follows a jump of approximately 25% for Brent crude since early August, as hopes for a lasting resolution to the six-month-old conflict diminish and fighting reignites. Iran's Revolutionary Guard announced it attacked two American destroyers and what it described as a US base in Al-Azraq, Jordan, with ballistic missiles. This action was in retaliation for previous American attacks on Iranian oil tankers. Meanwhile, the Jordanian Armed Forces reported that their air defense systems engaged 20 ballistic missiles, successfully intercepting and destroying 18 of them. Two missiles fell in uninhabited areas, and the attack resulted in no human casualties. Separately, US Secretary of State Marco Rubio warned Tehran that the United States would continue to strike Iranian oil tankers in response to attempts to attack its warships. Rubio told reporters in Colombia: "Iran continues its attempts to strike US Navy vessels, and every time it does so or attempts to, it will lose oil tankers." Yesterday, Tuesday, the US Central Command announced its forces destroyed five Iranian crude oil tankers on September 8, after attempts to attack a US Navy warship with ballistic missiles during the preceding two days.