Global Oil Market Shaken After Latest Attack Escalates Crisis

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Nigeria’s oil prices recorded another surge following fresh attacks on Kuwait, escalating tensions surrounding the fragile ceasefire involving Iran and the United States of America.

Kuwait International Airport temporarily suspended flight operations after an Iranian drone and missile strike damaged parts of the airport infrastructure and diplomatic facilities, leaving one person dead and more than 60 others injured, according to Kuwaiti authorities and state media reports.

Operations later resumed at Kuwait Airways and Jazeera Airways, officials confirmed.

However, Iran’s Revolutionary Guard denied targeting Kuwait’s airport, claiming the destruction was caused by US interceptor missiles that failed to hit their intended targets, Iranian state media reported.

The US military, on the other hand, rejected the allegation, insisting that Iranian drones deliberately targeted the airport facility.

Earlier reports by Iranian media claimed that the Revolutionary Guard launched attacks on the US Fifth Fleet headquarters in Bahrain, a US military base and a vessel.

US Central Command dismissed the claims, maintaining that none of its bases were hit while also announcing fresh “defensive strikes” carried out in southern Iran.

Meanwhile, negotiations between Iran and the United States are still ongoing, although Iranian Foreign Minister Abbas Araqchi said no significant progress has been achieved so far during an interview with Lebanese broadcaster Al Mayadeen on Wednesday.

Former US President Donald Trump had earlier hinted that an agreement could be reached soon.

“I hear the negotiation itself is going very well actually,” he said at the White House. “If it happens, it could happen over the weekend.”

Trump also disclosed during a podcast appearance that Iranian Supreme Leader Mojtaba Khamenei was involved in the negotiations.

Oil prices had earlier declined after reports of a ceasefire between Israel and Lebanon, with major crude benchmarks falling by more than one percent after nearing the $100 mark earlier in the week.

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