Oil Prices Soar Amid US-Saudi Airstrikes and Iranian Missile Disruptions
Crude oil prices surged in the international market on Wednesday after joint US-Saudi airstrikes in Iraq and Iran's neutralization of ballistic missiles targeting US troops. Brent crude prices rose by $3.15, or 3.8 percent, to $87.24 per barrel, while US West Texas Intermediate (WTI) crude prices increased by $2.73, or 3.4 percent, to $81.99 per barrel.
Analysts at ING attribute the price hike to recent developments weakening expectations of an immediate de-escalation of tensions in the Persian Gulf. Subro Sarkar, head of energy research at DNB Bank, predicts Brent oil prices will fluctuate between $80 and $100 per barrel due to ongoing conflict in the Middle East.
The US and Saudi Arabia attacked groups in Iraq on Wednesday, accusing Iran-backed groups of drone attacks on Saudi oil facilities. In response, Iran warned that blaming it for such attacks would be a big mistake.