Middle East Tensions Fuel WTI Oil Price Surge

West Texas Intermediate (WTI) oil prices rebounded to around $81.00 per barrel on Wednesday, following a three-day decline, amid escalating hostilities in the Middle East.

The US military reported intercepting an Iranian attack targeting American troops stationed across the region, prompting renewed concerns over potential disruptions to global energy supplies.

Iran-backed militias in Iraq launched drone strikes against oil facilities in Saudi Arabia's Eastern Region for a second consecutive day, with the full extent of the damage remaining unclear.

The API reported a 3.3-million-barrel crude draw last week, highlighting ongoing tightness in global supply and supporting the rally in WTI prices.