Global crude oil prices climbed for a fourth consecutive session on Wednesday, September 9, surging by more than $1 in early trading as escalating military actions between the United States and Iran further heightened fears of regional energy supply disruptions.
The sharp uptick follows a statement from Iran's Revolutionary Guards claiming responsibility for launching ballistic missile strikes against two U.S. destroyers and a U.S. military base in Al Azraq, Jordan.
Tehran stated that the strikes were executed in direct retaliation for recent U.S. operations targeting Iranian oil tankers.
Market trading reflected immediate pressure across major benchmarks.
Brent crude futures rose $1.57, or 1.6%, reaching $99.49 per barrel. Meanwhile, U.S. West Texas Intermediate crude advanced $1.60, or 1.72%, to settle at $94.63 per barrel.
Brent crude benchmark prices have now surged by roughly 25% since early August as hopes for a diplomatic resolution to the six-month conflict continue to fade. Energy analysts and international markets remain on high alert as ongoing military engagements threaten critical shipping lanes and global fuel supplies.
