WTI Crude Oil Surges 3.17% Amid Escalating US-Iran Military Actions

West Texas Intermediate (WTI) crude oil prices climbed 3.17% to $81.45 a barrel on Friday, driven by escalating military actions between the United States and Iran that have impacted energy infrastructure in the Middle East.

US Central Command carried out its sixth consecutive night of attacks on Thursday, targeting surveillance facilities, military infrastructure, maritime capabilities, and bridges within Iran. These strikes extended to energy plants in the southern part of the country. In response, Iran's Ministry of Energy urged citizens to reduce electricity consumption to help stabilize the power grid.

Kuwait's Ministry of Electricity, Water, and Renewable Energy reported damage to one of its desalination and power plants due to retaliatory attacks from Iran. Several Persian Gulf nations, including Qatar, Kuwait, and Bahrain, have faced Iranian retaliation, as has Jordan. This follows the US restarting an offensive against Iranian cities, ordered by President Donald Trump, who terminated a prior understanding with Tehran.

Meanwhile, Brent crude oil for September delivery rose nearly 1% to over $85 a barrel. The benchmark European crude saw its price increase on London's futures market to $85.04. Brent prices had previously fallen slightly but had seen three consecutive days of gains amid persistent fears about regional oil supply. The Strait of Hormuz remains blocked amidst the ongoing conflict.