Oil climbs as US targets Iranian sites again

Brent crude’s price has moved higher after the US Central Command (CENTCOM) targeted more sites in Iran – raising concerns of the fragile ceasefire to collapse.

IMAGE: Getty Images

The US CENTCOM said in a statement that it conducted “self-defense” strikes on Iranian radar and command sites for drones in Goruk, Iran and Qeshm Island.

The “measured strikes” were in response to “aggressive Iranian actions that included the shootdown of a U.S. MQ-1 drone that was operating over international waters,” US CENTCOM said on social media platform X.

Meanwhile, Kuwait’s military said it has intercepted missile and drone attacks, moments after the US said it conducted strikes on radar sites in Iran, according to The Guardian.

There is also news that Israeli troops have moved further inside Lebanon, raising further concerns of a broader Middle East conflict, the Financial Times (FT) reported.

The attack comes amid growing optimism that Washington and Tehran have reached an agreement on a potential ceasefire extension and lift restrictions on shipping through the Strait of Hormuz.

“A reopening of the strait [of Hormuz] would offer some immediate relief to the oil market… However, the recovery is still uncertain,” two analysts from ING Bank noted.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online