Oil prices are rising on Friday as clashes between the U.S. and Iran escalate further.
Brent crude, the international benchmark, climbed almost 2% at 7:28 a.m. and stood a little below $86 per barrel, while West Texas Intermediate, the U.S. benchmark, rose over 2.4% and hovered below $81 a barrel at the same time.
The U.S. expanded its strikes against Iranian targets on Thursday night. Concretely, forces targeted bridges, energy sites and a tower at a key Iranian port.
Iran, in turn, retaliated with missile launches against U.S. allies in the region. The Associated Press noted that Tehran hit a desalination plan in Kuwait.
President Donald Trump said in a prime time speech on Thursday that military actions are yielding results. "We are likewise winning big in Iran, and you will see the fruits of that labor very, very shortly," he said.
The strikes appear to seek to cut off Iran's main port, Bandar Abbas, from roads leading to the central region of Iran, as well as Tehran. The AP noted that other routes remain open, but the U.S. could expand the strikes as well.
Tehran acknowledged hits to "power infrastructure" for the first time on Friday, leading the country's Energy Ministry to call on people to use less power in the country's southern provinces.
A recent report detailed that other recent strikes against Iran were not only seeking to degrade its capabilities to block the Strait of Hormuz, but also pave the way for further escalation should Trump decide to.
Citing officials familiar with the matter, Reuters detailed that the strikes strengthen additional military options for Trump. They have been aimed at air defense systems, coastal radars, missile and drone sites, as well as maritime assets.
One of them told the outlet that they could be "shaping operation" in case U.S. forces need to conduct more extensive operations in the future. "This is helping set the stage, if needed," the official added.
Trump said in an interview earlier this week that he would strike Iranian key infrastructure if Tehran does not return to negotiating.
Speaking to Fox News' Trey Ingst, Trump said "next week it gets really bad for them." "Next week comes the power plants, next week comes the bridges. We're going to knock out all of their power plants. We'll knock out all of their bridges unless they get to the table and negotiate," he said.
