Brent oil rises to $96.20 as Kuwait intercepts Iranian missiles

Brent crude futures climbed 57 cents on Thursday to reach $96.20 per barrel. The international benchmark briefly crossed the $97 threshold before settling at its current level. U.S. West Texas Intermediate (WTI) gained 85 cents, trading at $91.86 per barrel. Oil prices have advanced more than 7% during this week alone. Kuwait's armed forces confirmed Thursday that their air defense systems engaged multiple incoming missiles and drones targeting the nation, which described the situation as ongoing Iranian aggression. Energy Secretary Chris Wright stated on Wednesday that over 17 million barrels of oil passed through the Strait of Hormuz on Monday. This volume represents a wartime record compared to the roughly 20 million barrels per day that transited before hostilities began on February 28. Washington aims to diminish Tehran's capacity to disrupt ships moving through this critical waterway. President Donald Trump noted Wednesday that he does not anticipate the current round of military exchanges escalating into a full-scale return to war. He remarked that conflict intensity may be difficult for opposing forces to sustain.