Oil rises as US-Iran tension escalates after Iraq strikes, missile attack
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
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
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
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Oil rises as US-Iran tension escalates after Iraq strikes, missile attack
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