Oil rises $1 in early trade after Iran launches missiles at Jordan

Oil prices rose by more than $1 in early trade on Wednesday, extending gains to a fourth session after Iran launched fresh attacks on U.S. military assets in the Gulf and Jordan.

Brent crude futures climbed $1.57, or 1.6%, to $99.49 a barrel by 0001 GMT. U.S. West Texas Intermediate crude rose $1.60, or 1.72%, to $94.63. Brent has gained a quarter since early August as hopes for a permanent settlement to the six-month-old war faded and fighting intensified again.

Iran’s Revolutionary Guards said they had attacked two U.S. destroyers and what they described as a U.S. base at Al Azraq in Jordan. They said the strikes came in retaliation for U.S. attacks on Iranian oil tankers. Jordan’s air defenses destroyed 18 of the 20 ballistic missiles launched from Iranian territory, while two fell in unpopulated areas, according to the military as reported by the state news agency. No casualties were reported.

U.S. Secretary of State Marco Rubio warned that Washington would continue striking Iranian oil tankers in response to attempted attacks on U.S. warships. “Iran continues to try to hit U.S. naval ships, and for every time they do that or try to do that, they’re going to lose tankers,” Rubio told reporters in Colombia. U.S. Central Command said its forces destroyed five Iranian crude carriers on September 8 after attempted missile attacks on a U.S. Navy warship over the previous two days.

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Iran continues to try to hit U.S. naval ships, and for every time they do that or try to do that, they’re going to lose tankers.