Iran Missile Attack Sends Oil Prices Soaring on Middle East Tensions

Oil prices surged on Tuesday as tensions in the Middle East escalated following a missile attack by Iran on US forces. The US Central Command confirmed that Iranian Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack.

The attack came after a brief pause in strikes, with the US and Saudi forces striking 'multiple terrorist logistics and weapons sites' in eastern Iraq in retaliation for over 30 drone attacks by 'Iran-aligned terrorists' in the past three days.

The UK Maritime Trade Operations Centre reported 'suspicious activity' in the Red Sea, citing a tanker that heard an explosion while transiting in the southern Red Sea. The incident raises concerns about supply disruptions across the region.

Oil prices rose sharply in Asia trading, with Brent crude futures for September delivery gaining 3.42% to $86.97 a barrel, and US West Texas Intermediate futures advancing 3.58% to $82.09 per barrel.