Brent Jumps 4% to $87.82 as Iran Hits Kuwaiti Desalination Plant
Updated
Updated · CNBC · Jul 17
Brent Jumps 4% to $87.82 as Iran Hits Kuwaiti Desalination Plant
3 articles · Updated · CNBC · Jul 17
Summary
Brent crude rose about 4% to $87.82 a barrel on Friday, while U.S. WTI gained 4% to $82.28 after Kuwait said Iran struck a power and water desalination plant.
Kuwait said the attack damaged the facility and sparked a fire that hit many generating units, raising fears of wider strikes on civilian infrastructure critical to Gulf states.
Iran also said it attacked U.S. targets in Bahrain, Jordan, Kuwait, Oman, Qatar and Syria, while a tanker off Oman suffered minor projectile damage, adding to shipping risks around Hormuz.
U.S. Central Command said it completed a sixth straight night of strikes on Iran, hitting dozens of military and maritime targets as more than 50,000 U.S. service members operate in the region.
The renewed fighting follows the collapse of last month's truce and threatens flows through the Strait of Hormuz, which carries about 20% of global oil traffic, though Rystad still sees a limited U.S.-Iran deal as most likely.