The US military strikes Iran for the 11th consecutive night; ongoing geopolitical tensions continue to push oil prices to a new five-week high.

1. During early Asian trading on Wednesday, international oil prices edged higher. The U.S. military stated that it had launched airstrikes against Iranian military targets for the 11th consecutive night, while Kuwait reported being attacked by Iranian drones. Concerns in the market over further disruptions to Middle East energy supplies continue to intensify.2. Brent crude futures rose as much as 1.4% to $92.66 per barrel, marking a new high since June 11; U.S. West Texas Intermediate crude futures increased as much as 1.7% to $85.75 per barrel, reaching the highest level since June 12.3. The U.S. military struck targets in southern and western Iran late Tuesday U.S. time, while Iran launched attacks on American facilities in Bahrain, Kuwait, and Jordan. Kuwait's military stated its air defense system successfully intercepted Iranian drones on Wednesday.4. Meanwhile, Yemen's Houthi forces previously threatened to attack ships carrying Saudi oil in the Bab el-Mandeb strait and announced a maritime blockade against Saudi Arabia. This escalation opens a new front in the ongoing Middle East conflict and further fuels market concerns about the stability of global energy supplies.5. U.S. Secretary of Defense Hegseth stated that the war in Iran has cost the U.S. $37.5 billion so far, an increase of nearly $8 billion compared to the last public estimate.6. According to the American Petroleum Institute, U.S. crude oil and distillate inventories increased last week, while gasoline inventories decreased. The U.S. Energy Information Administration will release official inventory data later Wednesday, and markets will closely follow its guidance for further oil price movements.