Oil prices rose after joint strikes in Iraq and the interception of Iranian ballistic missiles
Oil prices rose more than $3 a barrel on Wednesday following joint strikes in Iraq and the interception of Iranian ballistic missiles targeting US forces in the Middle East.
Brent futures rose $3.30, or 3.9%, to $87.39 a barrel as of 03:00 GMT, while WTI crude rose $3.05, or 3.8%, to $82.31 a barrel.
The rise came after the US announced it had thwarted a surprise attack on US troops. Saudi Arabia intercepted drones belonging to Iranian-backed groups in Iraq that were targeting Saudi energy infrastructure.
These developments are diminishing expectations of a rapid de-escalation in the Persian Gulf.
The US military said it intercepted ballistic missiles launched by Iran toward US forces in the Middle East.
Iran’s Revolutionary Guard later announced it had launched several ballistic missiles at a US air base and military Central Command headquarters in Jordan.
According to market sources on Tuesday, citing data from the American Petroleum Institute (API), US crude oil inventories fell by about 3.3 million barrels in the week ending July 24.
Official inventory data from the Energy Information Administration (EIA) will be released later on Wednesday.
Another factor further supporting prices was the possibility that OPEC+ would halt oil production increases for three months starting in October, following the completion of its planned barrel increase after voluntary cuts.
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