Middle East Tensions Spark Sharp Oil Price Spike
Oil prices surged on Wednesday as escalating tensions in the Middle East raised concerns over global energy supplies. The US military's announcement that it had intercepted ballistic missiles launched by Iran toward US forces in the region sparked a sharp increase in crude prices.
Brent crude futures rose $3.30, or 3.9%, to $87.39 a barrel, while US West Texas Intermediate (WTI) crude increased $3.05, or 3.8%, to $82.31 a barrel. The price jump came after the US military revealed that it had intercepted an attempted surprise attack by Iran.
The rise in oil prices was further supported by a decline in US crude inventories. Market sources cited American Petroleum Institute data showing that US stocks fell by around 3.3 million barrels in the week ended July 24.