Oil Prices Soar as US-Saudi Strikes and Iranian Missile Interception Escalate Tensions

Oil prices surged on Wednesday after joint US-Saudi strikes in Iraq and the interception of Iranian ballistic missiles aimed at US forces in the Middle East.

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.

ING analysts attributed the price hike to 'renewed strength' following the interception of Iranian missiles aimed at US troops.

The US military said it intercepted ballistic missiles launched by Iran towards US forces in the Middle East, which Tehran called an 'attempted surprise attack.'

Saudi Arabia also launched targeted strikes against Iran-backed groups in Iraq, blaming them for drone attacks on its oil facilities.