Ammon News - Oil prices rose more than $3 a barrel on Wednesday after joint ​strikes in Iraq by the United States and Saudi Arabia, and ‌the interception of Iran's ballistic missiles aimed at U.S. forces in the Middle East, while U.S. crude inventories shrank.

Brent futures increased by $3.30, or 3.9%, to $87.39 a barrel by 0300 ​GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.05, or 3.8%, to $82.31 ​a barrel.

The ​U.S. military said it intercepted ballistic missiles launched by Iran towards U.S. forces ​in the Middle East in what Washington called "an attempted surprise attack" by Tehran.

Saudi Arabia also said its armed forces, in coordination with U.S. Central Command, carried out "targeted strikes" against Iran-backed groups in Iraq ​it blamed for drone ​attacks on the ⁠kingdom's oil facilities.

U.S. crude inventories fell by about 3.3 million barrels in the week ended July 24, market sources said ​on Tuesday, citing data from the American Petroleum Institute.
Official ​inventory data ⁠from the Energy Information Administration is due later on Wednesday.

Further supporting prices, OPEC+ is likely to halt oil output increases for three months starting in October, sources told ⁠Reuters, ​after the producer group completes the scheduled return ​of barrels following voluntary cuts.


Reuters