US-Saudi Airstrikes Send Oil Prices Soaring in Iraq
Oil prices surged on Wednesday after the US and Saudi Arabia launched attacks against Iran-backed militias in Iraq, escalating regional tensions. The West Texas Intermediate contract for September delivery rose by 5% to $83.16 a barrel, marking a 16% increase over the past month.
The Brent crude's September contract also saw significant gains, advancing around 5% to $85.95 a barrel and surpassing its price from last month by more than 16%. These developments come amid ongoing concerns about global energy supply and the impact of geopolitical events on markets.
Nora Redmond reports that this move has been driven by the US and Saudi Arabia's joint action, which aims to counter Iranian influence in the region. The attacks have sparked fears of further escalation and potential disruptions to oil supplies.