Crude oil prices rally on supply disruption amid escalating US-Iran war; Brent above $92 per barrel
US-Iran war, July 22 -- Oil prices edged higher in early trade on Wednesday, 22 July, as concerns over potential supply disruptions grew after US forces launched strikes on Iranian military targets for the 11th consecutive night, while Kuwait reported drone attacks allegedly carried out by Iran.
Brent crude futures gained 0.55%, or 50 cents, to trade at $91.51 a barrel, while US West Texas Intermediate (WTI) crude rose 0.36%, or 30 cents, to $84.64 a barrel in thin trading.
Oil prices ended Tuesday at their highest level in five weeks after the United States carried out strikes on targets in southern and western Iran, while Tehran responded by attacking US facilities in Bahrain, Kuwait, and Jordan.
The US military said the latest round...
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