Commodities
Oil Prices Soar as US-Iran Tensions Escalate with Iraq Strikes and Missile Attack
Oil prices surged on Wednesday after a series of military strikes in Iraq and a missile attack by Iran, amidst rising tensions between the US and Tehran.
The Brent futures increased by $3.30, or 3.9%, to $87.39 a barrel, while US West Texas Intermediate (WTI) crude rose $3.05, or 3.8%, to $82.31 a barrel.
The uptick in prices comes after the US said it intercepted a surprise attack on US troops, and Saudi Arabia intercepted drones from Iranian-backed groups in Iraq targeting Saudi energy infrastructure.
The US military also intercepted ballistic missiles launched by Iran towards US forces in the Middle East, which Washington called 'an attempted surprise attack' by Tehran.