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Oil rises following Iran’s attack attempt
Oil prices rose significantly after Iran attempted to target U.S. bases in the region. This incident brought Middle East tensions back to the forefront and led to a rebound in the oil market despite previous declines. The U.S. military reported intercepting an Iranian attack on military facilities, which caused Brent crude to jump by more than 3%, surpassing $87 per barrel. Similarly, West Texas Intermediate increased, approaching $83. Additionally, escalating tensions have reduced shipping activity through the Strait of Hormuz. As a result, U.S. oil inventories decreased by 3.3 million barrels amid ongoing threats and military responses between the United States and Iran, with warnings of a possible escalation that could threaten global energy supplies.
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