Middle East Tensions Send WTI Oil Prices Soaring

West Texas Intermediate (WTI) oil prices have rebounded to around $81.00 per barrel after three days of losses, driven by renewed hostilities in the Middle East and fresh concerns over potential disruptions to global energy supplies.

The US military reported intercepting a surprise Iranian attack targeting American troops stationed across the Middle East, while Iran-backed militias in Iraq launched drone strikes against oil facilities in Saudi Arabia's Eastern Region for a second consecutive day.

These incidents have reignited geopolitical tensions and fueled concerns over potential disruptions to global energy supplies. The API data showed that US crude oil inventories fell by 3.3 million barrels last week, highlighting ongoing tightness in global supply.