Oil prices increase after US strikes and attacks on Kuwait

Today's rise in oil prices came following escalating geopolitical tensions in the region, as U.S. forces conducted strikes on Iranian targets, and Kuwait was subjected to drone attacks by Iran. The price of Brent crude increased by 0.55% to reach $91.51 per barrel, while West Texas Intermediate rose by 0.36% to $84.64, amid growing risks of global supply disruptions. Concerns intensified due to the repeat of American strikes against Iran and the deteriorating situation in the Bab el-Mandeb Strait, a vital passage for oil exports—especially after Houthi threats and ongoing tensions between the United States and Iran—leading to the preservation of risk premiums in the market.

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