Clashes Between The U.S. And Iran Continue Around The Strait Of Hormuz. Oil Is Climbing Again

Trump said Tehran conceded that the most recent launch was a mistake and asked the U.S. not to retaliate, but he approved of the strikes anyway. The Iranian revolutionary guard said three members were killed in attacks in the northwestern province of Zanjan.

Oil is climbing again on Friday as hostilities between the U.S. and Iran continue.

After dropping slightly on Thursday, both main benchmarks are rising. Brent crude, the international one, gained 1.85% and clocked in at $88.49 per barrel at 9:33 a.m. ET, while West Texas Intermediate, the U.S. one, jumped 2.45% and stood at $85.64 at the same time.

Iranian forces said on Friday they had targeted U.S. bases in Kuwait and Bahrain in retaliation for the latest wave of strikes from Washington, the first ones since halting them last Friday.

"CENTCOM assets struck dozens of Islamic Revolutionary Guard Corps (IRGC) targets in Iran, including military command centers, missile and drone facilities, coastal surveillance and defense sites, and maritime capabilities," the force said in a statement.

"The strikes aimed to further diminish threats posed by Iran and its proxies to American forces, commercial shipping, and neighboring Gulf countries," it added earlier this week.

President Donald Trump said Tehran conceded that the most recent launch was a mistake and asked the U.S. not to retaliate, but he approved of the strikes anyway. The Iranian revolutionary guard said three members were killed in attacks in the northwestern province of Zanjan.

The war appears to be expanding in the meantime. Egypt said on Thursday that a drone hit two ships at its Mediterranean port of Damietta.

"The situation was immediately dealt with in accordance with the approved emergency and rapid response plans through the coordinated efforts of the competent authorities and the on-site firefighting and safety teams," the country's ministry of petroleum and mineral resources said. The attack was not claimed by any country so far.

In the meantime, Israel believes Iran has moved centrifuges to Pickaxe Mountain and is enriching uranium there, according to a new report.

Citing a senior diplomatic source, The Jerusalem Post detailedon Wednesday that the country doesn't believe Tehran's nuclear program has been fully destroyed. "There are centrifuges at Pickaxe Mountain where enrichment is currently taking place," the source added.