Oil Prices Rise as Iran Strikes U.S. Gulf Allies

According to CNBC, oil prices rose on Thursday after Iran continued striking U.S. Gulf allies, with Kuwait intercepting incoming missiles and drones. Brent crude futures climbed 57 cents to $96.20 per barrel after briefly topping $97 earlier in the session, while U.S. West Texas Intermediate gained 85 cents to $91.86 per barrel. Kuwait's armed forces said the kingdom was facing ongoing Iranian aggression as air defenses engaged missiles and drones, according to the Kuwait Times. Oil prices have risen more than 7% this week as the U.S. and Iran exchanged military strikes for the first time since July. Energy Secretary Chris Wright said more than 17 million barrels of oil transited the Strait of Hormuz on Wednesday, a wartime record, under U.S. military protection. President Donald Trump said Wednesday that he does not expect the current fighting to escalate back into war.