Oil Prices Surge as U.S. Conducts 11th Night of Iran Strikes

Brent crude oil prices surged toward $95 per barrel on Wednesday following an 11th consecutive night of U.S. military strikes against Iranian infrastructure. The escalation follows the collapse of a June ceasefire, which Donald Trump declared over on July 8. The conflict has resulted in the deaths of 18 U.S. service members, including recent casualties in Iraq and Jordan.

United States Central Command targeted Iranian military operations centers, aircraft hangars, drone storage, and maritime capabilities to degrade Tehran's ability to threaten commercial shipping. While the military command maintains that the Strait of Hormuz remains open, maritime data indicates a severe slump in transits due to ongoing Iranian attacks on vessels. Simultaneously, Iranian-backed Houthi rebels in Yemen threatened a maritime blockade of Saudi Arabian ports via the Bab el-Mandeb strait.

Secretary of State Marco Rubio stated that Tehran is "not serious about talks" regarding a ceasefire, specifically citing a dispute over the Strait of Hormuz. Market analysts warn that these supply risks, combined with disruptions at Russia's CPC terminal in the Black Sea, are increasing the likelihood of hawkish interest rate hikes by the Federal Reserve.