Oil rises over 1% after Iran missile strikes

Oil prices rose by more than one percent amid renewed concerns over escalating tensions in the Middle East, as Iran launched rockets at Kuwait and Bahrain. Diplomatic talks between Iran and the United States failed to make progress. Brent futures increased to $97.05 per barrel, while West Texas Intermediate rose to $94.77, as the market monitored potential developments in the conflict and efforts to prevent it from escalating. Additionally, U.S. oil inventories declined for the seventh consecutive week, by 6.8 million barrels.

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