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Crude oil nears 90 per barrel as IRGC drone attack on US Navys Fifth Fleet in Bahrain escalates tensions, shattering ceasefire hopes and stoking global energy crisis fears
WTI and Brent oil prices surged $89 and $92 per barrel, respectively.
Crude oil prices rose near $90 per barrel following tensions near the Strait of Hormuz escalated after Iran’s Islamic Revolutionary Guard Corps (IRGC) launched a drone attack targeting the US Navy’s Fifth Fleet in Bahrain. It came in retaliation for American strikes on Iranian territory earlier on Wednesday.
The fresh strikes have put the existing ceasefire in tatters, and the hopes of a peace deal between Tehran and Washington have taken a hit.
WTI and Brent crude oil climbed above $89 and $92.51 per barrel, respectively, on Wednesday morning. Fears of a global energy crisis stretching longer than expected have rattled the oil market, posing a threat to nations depending on the import.
How Did Fresh Tensions Arise?
The latest confrontation comes after the United States launched strikes against Iran on Tuesday following the downing of a US Army Apache helicopter in the Strait of Hormuz.
The IRGC said US forces had attacked multiple locations in southern Iran, including Jask, Sirik and Qeshm, before it launched what it described as a retaliatory operation against the US naval presence in Bahrain.
“In response to the enemy’s vicious move, the IRGC naval fighters launched a drone strike on the Bahraini 5th Navy at 2.30 am,” the Guards said in a statement carried by Iranian media.
The force also warned that “heavier responses” could follow if attacks against Iran continue.
About the Author
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the I…Read More
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