Oil prices rose by more than three dollars per barrel on Wednesday. Brent futures rose 3.9% to $87.39 and West Texas Intermediate oil rose 3.8% to $82.31.

The increase came after joint U.S. and Saudi attacks in Iraq and the interception of ballistic missiles fired toward American forces.

Analysts at ING wrote that these developments dampen expectations for a rapid reduction in tensions in the Persian Gulf.

A decline in U.S. crude oil inventories also helped drive the price increase. Based on data from the American Petroleum Institute, these inventories fell by about 3.3 million barrels in the week ending 2 Mordad.