Middle East tensions escalate as Iran launches missile strikes. Iranian drones hit Kuwait's Mina al-Ahmadi oil refinery Friday, igniting fires at the facility as regional conflict intensifies into its sixth week. The attack marks the third strike on Gulf energy infrastructure since fighting began February 28. Kuwait Petroleum Corp. confirmed the incident with no reported injuries as firefighters worked to contain blazes. Iran's military actions and control over the Strait of Hormuz, critical chokepoint for one-fifth of global oil and natural gas transit, triggered significant market volatility. Benchmark US crude surged 11.4 percent to $111.54 per barrel while Brent crude jumped 7.8 percent to $109.03. Asian financial markets rose moderately amid cautious trading as investors assessed geopolitical risks.
