Fajr Attacks Boost Oil Prices
Oil prices have risen by more than 4 percent as tensions in the Middle East escalate, following mutual attacks including Saudi-American strikes in Iraq and Iranian missile attacks targeting American forces in Jordan. Brent crude increased by 4.5%, reaching $87.83 per barrel, while US West Texas Intermediate rose by 4.3% to $82.69, after sharp losses in previous sessions. These gains come amid the US military intercepting Iranian missiles and the Iranian Revolutionary Guard targeting a US site in Jordan, especially with Aramco shutting down the Jizan refinery after Houthi attacks, heightening concerns over potential disruptions to regional oil supplies. Oil prices are also supported by a decline of about 3.3 million barrels in US oil inventories, despite ongoing security tensions that continue to increase uncertainty around the security of global supplies.
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