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Escalating US-Iran attacks drive oil above $100
Diesel gas prices rose to a record high after the attacks
Iran on Wednesday said it attacked two U.S. ships and eight tankers near the Strait of Hormuz in response to the U.S. sinking five Iranian oil tankers. The Pentagon said the tanker strikes were retaliation for Iran’s first confirmed attacks on U.S. Navy ships during the six-month war. Those attacks “failed,” The Wall Street Journal said, but “officials described some of them as close calls.”
This was the “biggest wave of attacks on shipping by both sides” yet, Reuters said, and it “sent the price of oil surging” above $100 a barrel for the first time since July. U.S. gas prices hit $4.22 per gallon, and diesel rose to a record $5.94 per gallon. On Thursday, five gas stations in California maxed out diesel at $9.99 per gallon, the highest possible price on the pump, according to GasBuddy.
Who said what
The U.S. and Iran “appear to be stuck in a cycle that is draining U.S. air defenses and deepening Iran’s economic crisis,” The New York Times said. Iranian ballistic missiles did “minimal” damage to a U.S. military base in Jordan, officials told the Times, and it may have left some U.S. troops with “traumatic brain injuries.” They also damaged “several fighter jets” at the base, CBS News said.
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“I think war is going to end immediately after the election,” sending oil prices “tumbling downward,” because Iran “can’t hold out any longer,” President Donald Trump told reporters on Wednesday. Top White House advisers have “privately” discussed with Trump “that the Iran war could drag on through the remainder of his term,” the Journal said, citing U.S. officials.
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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
