Oil prices rise on Middle East conflict and stalled talks
Brent futures rose above $97 as Iran launched missiles at regional neighbors and diplomatic talks stalled. U.S. crude stocks fell for a seventh straight week.
Brent Crude Oil rose 1.09% to $97.05 after Iran launched missiles at regional neighbors, disrupting Middle East diplomatic efforts. Both global benchmarks reached one-week highs following the attacks on Kuwait and Bahrain which failed to hit their targets. Renewed hostilities threaten vital shipping lanes, increasing the risk of a prolonged energy supply squeeze for global markets.
### Military Escalation Stalls Diplomatic Progress The United States military confirmed Iran launched ballistic missiles toward Kuwaiti and Bahraini targets overnight June 2. U.S. forces responded by conducting strikes on Iranian assets on Qeshm Island.
