Oil prices rose on Thursday after the United States and Iran exchanged fire for the second day in a row, raising 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 keep up military pressure because negotiations with Iranian leaders over its nuclear program were progressing too slowly. Iran said it retaliated with two waves of strikes against targets at U.S. air bases in Kuwait and Bahrain, although there was no immediate confirmation of the strikes.
Despite escalating tensions, oil markets had remained relatively subdued in recent days, showing little reaction since the downing of a US military Apache helicopter near the Strait of Hormuz on Monday.
