Middle East Tensions Send Oil Prices Soaring 4.59%
Oil prices surged by over 4% on Wednesday as renewed tensions in the Middle East and a bullish US inventory report increased concerns over global supply disruptions. Brent crude futures climbed 4.59% to around $87.95 per barrel, while West Texas Intermediate (WTI) crude rose 4.58% to $82.89 per barrel.
The rally came after a period of declining prices following the United States' decision to halt 13 consecutive nights of strikes on Iran, which had raised hopes of a possible diplomatic resolution between the two sides.
However, those expectations weakened after the US Central Command (CENTCOM) reported that Iranian forces launched multiple ballistic missiles targeting American military bases in the Middle East. The missiles were intercepted, and no US positions were damaged, according to CENTCOM.
The US and Saudi Arabia later carried out precision strikes against what they described as terrorist logistics and weapons facilities in eastern Iraq.