🔶 Nearly 4% Increase in Oil Prices as Tensions Between Iran and the U.S. Intensify

🔶 Nearly 4% Increase in Oil Prices as Tensions Between Iran and the U.S. Intensify

Oil prices rose by nearly 4% on Wednesday, July 29, following the intensification of tensions between Iran and the United States, after joint U.S. and Saudi attacks on positions in Iraq and an exchange of missile attacks.

Brent crude rose by more than $3.30, equivalent to 3.9%, to reach $87.39 per barrel, while U.S. West Texas Intermediate (WTI) crude also increased by $3.05 to $82.31.

Analysts at ING said that recent attacks, including the interception of ballistic missiles fired from Iran toward U.S. forces, as well as joint U.S. and Saudi attacks on positions of groups supported by the Islamic Republic in Iraq, have weakened the outlook for a rapid reduction in tensions in the Persian Gulf.

Meanwhile, market sources, citing data from the American Petroleum Institute (API), said that U.S. crude oil inventories fell by about 3.3 million barrels in the week ending July 24.