Oil rose Wednesday, as Mideast tensions continue to escalate after the U.S. carried out its latest round of attacks on Iran, while Tehran reportedly struck back at U.S. allies.
Futures for international benchmark Brent crude for November delivery advanced 0.92% at $95.52 a barrel, paring earlier gains. U.S. West Texas Intermediate futures for October rose 0.60% to $90.76 per barrel.
The U.S. Central Command said in a post that the strikes "follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members."
U.S. President Trump stated, "I'm not trying to force Iran to the bargaining table," adding, "I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing."
"The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile," said Edward Rosenberg, head of ETFs at Strategy Shares.
