Oil prices have risen amid escalating tensions in the Middle East — Reuters
Global oil prices rose on Wednesday, June 3, amid another escalation of the geopolitical conflict in the Middle East.
The latest surge in energy prices occurred immediately after Iran launched direct missile strikes on Kuwait and Bahrain.
As a result of rising tensions in the oil-producing region, Brent crude futures rose by 81 cents, or 0.8%, reaching $96.81 per barrel.
Meanwhile, the price of U.S. West Texas Intermediate (WTI) crude rose by 91 cents, or 1%, and currently stands at $94.67 per barrel.
According to official data from the U.S. military, Iranian armed forces launched ballistic missiles toward Kuwait and Bahrain, but none of them hit their intended targets.
In response to Tehran’s aggressive actions, U.S. military units swiftly launched counterattacks on military facilities on the Iranian island of Qeshm.
The global market is currently awaiting further news on the course of the war, as the Iranian government had long been considering a proposed agreement with the U.S. to end the armed conflict.
However, the situation remains uncertain due to conflicting statements from both sides of the conflict.
Reuters reports on this.
Iran’s president may resign over conflict with the IRGC
Earlier, Iran and the U.S. exchangedaccusations following new strikes.
The day before, U.S. President Donald Trump announced significant progress in negotiations with Tehran, noting that as part of a potential agreement, Iran could transfer its highly enriched uranium to the United States.
Iran’s Supreme Leader has bannedthe transfer of enriched uranium.
