Oil prices jumped on Thursday after the United States and Iran exchanged fire for a second straight day, heightening fears that the two countries could slide back into open conflict.
The United States said it had struck multiple targets across Iran after President Trump vowed to maintain military pressure because negotiations with Iranian leaders over its nuclear program were moving too slowly. Iran said it retaliated with two waves of attacks on targets at U.S. airbases in Kuwait and Bahrain, though there was no immediate confirmation of the strikes.
Despite the escalating tensions, oil markets had remained relatively subdued in recent days, showing little reaction since the downing of a U.S. Army Apache helicopter near the Strait of Hormuz on Monday.
