Oil prices jump 4% amid escalating tensions in region

Pars Today – Global oil prices rose by 4 percent after tensions between the United States and Iran intensified in the Persian Gulf.

According to Pars Today, citing IRNA, U.S. crude oil prices had climbed 4.1 percent to $74.33 per barrel as of 9:15 p.m. Eastern Time following the escalation of tensions in the region.

Brent crude prices also rose by 3.88 percent, reaching $78.96 per barrel.

Meanwhile, the public relations office of the Islamic Revolutionary Guard Corps (IRGC) announced in a statement that, in the third phase of retaliatory operations in response to the U.S. aggression, the IRGC Aerospace Force had completely destroyed fuel depots and Patriot air-defense systems at the American base in Ali Al Salem, Kuwait, as well as a strategic FPS radar installation at Ahmad Al Jaber Air Base.

The statement further noted that the IRGC had struck key helicopter maintenance facilities, the hangar housing a P-8 electronic warfare aircraft, and the command-and-control center for U.S. drone operations at the Sheikh Isa base in Bahrain.

In addition, several large missile depots and fuel storage facilities at Prince Hassan Air Base in Jordan were reportedly set ablaze in missile and drone strikes.

The statement also said that attack drones operated by the Army of the Islamic Republic of Iran targeted deployment sites, missile and air-defense systems, shelters, and support hangars used by U.S. forces in Kuwait.