Iran's Ballistic Missile Attack Sends Oil Prices Soaring

Oil prices surged on Wednesday following renewed tensions in the Middle East after Iran launched an attack on US forces using ballistic missiles. The U.S. Central Command reported that Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East.

In response, US and Saudi forces struck 'multiple terrorist logistics and weapons sites' in eastern Iraq on Tuesday stateside, retaliating against more than 30 drone attacks in the past three days by 'Iran-aligned terrorists', Centcom said. Brent crude futures for September delivery gained 3.42% to $86.97 a barrel, while US West Texas Intermediate futures for June advanced 3.58% at $82.09 per barrel.

Houthi attacks targeting Saudi oil facilities have raised supply concerns, and Houthi strikes on oil production, storage, and port infrastructure could disrupt supply across the region, according to Bjorn Vang Jensen, Executive Industry Advisor at Xeneta.