US-Iran Update: Oil Prices Surge By 4% as Iran Escalates Fresh Attacks on Gulf Allies

Iran launched fresh missile and drone strikes on Kuwait’s power-generation and desalination plants on July 17, deepening the US-Iran confrontation that has rattled global energy markets since early July. The oil prices surge of over 4%, pushing Brent crude toward $79 and WTI to similar highs, is now stoking inflation fears and rattling risk assets worldwide. Bitcoin, sitting near $63,000, is watching the escalation closely as traders assess whether the digital asset can hold its ground as a geopolitical hedge.