War: Oil prices surge again as Iran attacks Kuwait

Global oil prices rose nearly 2% after attacks on Kuwait, putting the fragile ceasefire between Iran and the United States under strain.

Kuwait International Airport halted flights following an Iranian drone and missile strike that damaged airport infrastructure and diplomatic missions, resulting in one death and more than 60 injuries, according to Kuwaiti authorities and state media.

Both Kuwait Airways and Jazeera Airways have since resumed operations, officials said.

Iran’s Revolutionary Guard denied targeting the airport, blaming U.S. interceptor missiles that missed their intended targets, as reported by Iranian state media.

The U.S. military rejected that explanation, stating that Iranian drones deliberately struck the airport.

Earlier Iranian reports claimed the Revolutionary Guard had attacked the U.S. Fifth Fleet headquarters in Bahrain, a U.S. airbase, and a vessel.

U.S. Central Command denied any strikes on its bases and announced new “defensive strikes” in southern Iran.

Iranian negotiations with the U.S. continue, but no progress has been made, said Foreign Minister Abbas Araqchi in an interview with Lebanese broadcaster Al Mayadeen on Wednesday.

Former President Donald Trump suggested a deal could be reached as early as this weekend.

“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.”

He also noted in a podcast that Iranian Supreme Leader Mojtaba Khamenei was involved in the talks.

Oil prices fell after news of the Israel‑Lebanon truce, with both major crude contracts dropping more than 1% after nearing $100 earlier this week.