Oil Prices Soar on Escalating US-Iran Tensions
Global oil prices surged on Wednesday as tensions in the Middle East escalated following joint US-Saudi military strikes in Iraq and reports of Iranian missile attacks targeting American forces.
Brent crude futures rose by $3.30, or 3.9%, to reach $87.39 per barrel, while US West Texas Intermediate (WTI) crude gained $3.05, or 3.8%, to $82.31 per barrel in early trading.
The market rally came after the US military said it intercepted ballistic missiles launched by Iran, which Washington described as a surprise attack on US forces.
Saudi Arabia confirmed that its armed forces, working in coordination with US Central Command, carried out targeted strikes against Iran-backed groups in eastern Iraq. Riyadh said the operation was a response to drone attacks on Saudi energy infrastructure allegedly carried out by Iranian-aligned militias.