Oil prices climbed once again in early Asian trade on Wednesday as the U.S. and Iran traded strikes in a significant escalation after a month of relative calm.\u00a0<\/p>\n
At the time of writing, WTI<\/a> had climbed to $91.05 per barrel, trading 0.92% higher on the session, and Brent<\/a> had risen 1.19% to trade at $95.68. Both benchmarks have now climbed by roughly $5 since hostilities between the two countries renewed.<\/p>\n U.S. Central Command (Centcom) reported<\/a> that it had completed a wave of strikes against \u201cair defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites.\u201d The strikes were in retaliation for the IRGC targeting commercial shipping in the Strait of Hormuz and U.S. service members in the region.<\/p>\n Axios later reported<\/a> that the U.S. had struck two Iranian tankers as part of a new \u2018tanker for tanker\u2019 policy in the Strait. This was the first time the U.S. had attacked Iranian tankers in retaliation rather than as part of its ongoing blockade.<\/p>\n The IRGC claimed<\/a> to have attacked Camp Titin, a US Marine facility on the Gulf of Aqaba, in response to U.S. aggression. Jordan\u2019s armed forces confirmed<\/a> that its air defence systems had \u201cdealt with\u201d 13 ballistic missiles fired from Iranian territory, with 10 of them being destroyed and three falling in remote areas.<\/p>\n The IRGC also claimed to have attacked U.S. targets in Bahrain and Kuwait, with Kuwait confirming<\/a> that its air defences were \u201cactively engaging with missile and drone threats\u201d from Iran and Bahrain saying<\/a> it had successfully intercepted Iranian drones. The IRGC also said, via the IRNA News Agency, that it had shot down an MQ-9 drone belonging to the U.S. military. That claim remains unconfirmed.<\/p>\n In response to an ABC News report that the latest round of economic and military pressure from the U.S. was an attempt to force Iran back to the negotiation table, President Trump posted on social media that he \u201ccouldn\u2019t care less\u201d if Iran signs an agreement. He went on to ask, \u201cwhen are the Iranian people going to rise up and fight?\u201d<\/p>\n