Commodities
Middle East Tensions Send Crude Oil Prices Soaring
Crude oil prices surged on Wednesday amid rising tensions in the Middle East. US President Trump said the US will 'hit Iran hard' after a recent attack from Iran targeted a US base in Jordan.
The EIA reported that crude inventories unexpectedly fell to a 7.75-year low, and supplies at Cushing sank to a nearly 12-year low, further driving up prices.
Russia's refining capacity has plunged due to damage from drone and missile attacks by Ukraine, with around 90% of Russian regions imposing fuel rationing or reporting supply issues.