Oil prices little changed after Iran fires missiles at Kuwait
Oil prices were little changed Thursday as Iran continued to strike U.S. Gulf allies with Kuwait intercepting incoming missiles and drones.
Brent crude futures fell 11 cents to close at $95.52 per barrel. The international benchmark broke $97 earlier in the session. U.S. West Texas Intermediate rose 29 cents to settle at $91.30 per barrel.
Kuwait’s armed forces said Thursday that the kingdom was facing “ongoing Iranian aggression” as the country’s air defenses engaged missiles and drones, according to the Kuwait Times.
U.S. oil prices have gained more than 9% this week as Washington and Tehran have traded military strikes for the first time since July. Washington is seeking to degrade Tehran’s ability to attack ships transiting the Strait of Hormuz.
Energy Secretary Chris Wright told CNBC on Wednesday that more than 17 million barrels of oil transited Hormuz on Monday, a wartime record, under U.S. military protection. About 20 million barrels per day of crude and products passed through the strait before the war started on Feb. 28.
President Donald Trump indicated Wednesday that he does not expect the current round of hostilities to escalate into a return to war.
“I don’t think it will be very much longer,” Trump said of the fighting. “I don’t know how much more they can take.”
