Oil Jumps 10% on Iran Conflict After Strikes Ignite Market Fears

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Retaliation Expands Across the Gulf

Saturday’s air campaign saw dozens of U.S. and Israeli strikes hit Tehran and other major Iranian cities. The attacks followed what were described as last-ditch negotiations between U.S. and Iranian officials on Thursday that ended without agreement.

Oman’s foreign minister, who had mediated the talks, said Friday on Face the Nation that “progress” had been made and a deal appeared within reach — a fragile optimism shattered hours later.

Iran responded quickly, launching missiles at U.S. military installations and infrastructure across Gulf states including Bahrain and the United Arab Emirates, according to regional reports.

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Saudi Arabia’s foreign minister said Riyadh and oil-rich eastern provinces were targeted. Kuwait International Airport, Zayed International Airport in Abu Dhabi, and Dubai International Airport were reported as targeted or directly struck.

According to The New York Times, Iranian missiles also aimed at U.S. facilities including Al Udeid Air Base in Qatar and other bases in Kuwait, the UAE and Bahrain. Inside Tehran, U.S. forces reportedly struck the compound housing Khamenei’s primary residence.