September 9 - Oil futures advanced for the fourth day running on Wednesday, with benchmarks gaining more than $1 in early trading after fresh attacks by Iran on U.S. military assets in the Gulf heightened regional tensions.
Prices and market moves
Brent crude futures rose $1.57, or 1.6%, to $99.49 a barrel by 0001 GMT. U.S. West Texas Intermediate crude traded at $94.63 a barrel, up $1.60, or 1.72%.
Brent crude prices have increased by roughly a quarter since early August as hopes for a permanent resolution to the six-month-old war waned and renewed fighting has pushed risks higher for supply and shipping in the region.
Events on the ground
Iran’s Revolutionary Guards said they fired ballistic missiles at two U.S. destroyers and at what they described as a U.S. base in Jordan’s Al Azraq, framing the strikes as retaliation for U.S. attacks on Iranian oil tankers.
Jordanian authorities reported that their air-defence systems intercepted 18 of the 20 ballistic missiles that originated from Iranian territory. State media cited the military as saying that the remaining two missiles fell in unpopulated areas and that there were no casualties.
Separately, U.S. Central Command said on Tuesday that its forces destroyed five Iranian crude oil carriers on September 8 after attempted missile attacks on a U.S. Navy warship over the previous two days.
Political and military statements
U.S. Secretary of State Marco Rubio warned Iran that the U.S. would continue to strike Iranian oil tankers in retaliation for attempted attacks on U.S. warships. "Iran continues to try to hit U.S. naval ships, and for every time they do that or try to do that, they’re going to lose tankers," Rubio told reporters during a visit to Colombia.
Market implications
Traders reacted to the renewed flare-up by bidding up crude contracts, reflecting concerns that continued exchanges between Washington and Tehran could further disrupt shipping and crude flows. The latest moves add to a run of gains already underway since early August.
Note: The article reflects the reported developments, prices and official statements as provided.