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Commodities

Middle East Tensions Spark Nearly 4% Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices surged nearly 4% on Wednesday after three straight sessions of losses due to fresh tensions in the Middle East and expectations that OPEC+ could slow planned output increases.

The Brent crude futures rose to around $87.70 a barrel, while US West Texas Intermediate (WTI) crude climbed to about $82.63 a barrel in early trade.

The gains came after oil prices had fallen nearly 14% over the past three sessions on hopes that the conflict in the Middle East would ease.

Tensions between the US and Iran are at the forefront, with reports indicating that the US armed forces shot down several missiles launched by Iran towards American troops in the Middle East.

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