Oil futures surge after U.S. and Iran exchange strikes, raising concerns over Middle East supply disruptions.
Crude oil futures rose over 2% in overnight trading as fresh military strikes between the U.S. and Iran heightened supply risks. Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday, retaliating after earlier U.S. strikes in the region.
Prices had stabilized in recent weeks following a fragile truce, but escalating tensions threaten to disrupt oil flows. The latest clashes mark the first direct military exchange since January, when similar hostilities sent crude prices sharply higher.
Markets remain sensitive to geopolitical risks in the Middle East, a key oil-producing region. No immediate supply disruptions have been reported, but traders are monitoring developments closely.