Oil jumps as U.S.-Iran resume strikes after a brief pause
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Oil rose sharply in Asian trade following renewed tensions in the Middle East after Iran launched an attack on American forces and the US, along with the Saudis, struck Tehran-backed areas in Iraq.
Futures for international comparison Brent crude oil September delivery rose 3.42% to $86.97 per barrel. WE West Texas Intermediate Futures It rose 3.58% to $82.09 per barrel.
“Islamic Revolutionary Guard forces launched multiple ballistic missiles from Iran in an attempt to launch a surprise attack on US forces in the Middle East.” a post on x By US Central Command.
USA and Saudi forces also struck Centcom said on Tuesday there were “numerous terrorist logistics and weapons sites” in eastern Iraq stateside in retaliation for more than 30 drone strikes by “Iran-linked terrorists” over the past three days.
Brent crude oil
Separately, the UK Merchant Marine Operations Center reported “suspicious activity” at an early date in the Red Sea Publish on X. The captain of a tanker heard an explosion while passing south of the Red Sea, the agency said, without giving further details. The warning was issued on Tuesday, while the incident was reported on Monday.
Houthi attacks targeting Saudi oil facilities also increased supply concerns. Xeneta’s Managing Industry Advisor Bjorn Vang Jensen said on CNBC’s “Access Middle East” on Tuesday that Houthi attacks on oil production, storage and port infrastructure could disrupt supply across the region.
“The rise in oil prices coupled with Governor Kevin Warsh’s somewhat hawkish tone at his first FOMC meeting as Fed chairman has left traders divided on the central bank’s decision on Wednesday.” kitco.
—CNBC’s Lim Hui Jie contributed to the report.
Correction: This story has been updated to correct the delivery month for futures.
