Brent climbs to $87.39, WTI tops $82 per barrel
\nlondon
\nOil prices rose more than $3 a barrel on Wednesday after joint strikes in Iraq by the United States and Saudi Arabia, and \u200cthe interception of Iran\u2019s ballistic missiles aimed at US forces in the Middle East, while US crude inventories shrank.
\nBrent futures increased by $3.30, or 3.9%, to $87.39 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude rose $3.05, or 3.8%, to $82.31 a barrel.
\n\u201cRenewed strength comes after the US said it intercepted a surprise attack on US troops,\u201d ING analysts said in a note.
\n\u201cSaudi Arabia intercepted drones from Iranian-backed groups in Iraq, which were targeting Saudi energy infrastructure,\u201d they said, adding that US and Saudi forces launched strikes on weapon sites across eastern Iraq.
\nThe latest developments dampen expectations for a swift de-escalation in the Persian Gulf, they said.
\nThe US military said it intercepted ballistic missiles launched by Iran towards US forces in the Middle East in what Washington called \u201can attempted surprise attack\u201d by Tehran.
\nIran\u2019s elite Revolutionary \u200cGuards later said they fired several ballistic missiles at a US air base and military Central Command centre in Jordan.
\nSaudi Arabia also said its armed forces, in coordination with US Central Command, carried out \u201ctargeted strikes\u201d against Iran-backed groups in Iraq it blamed for drone attacks on the kingdom\u2019s oil facilities.
\nUS crude inventories fell by about 3.3 million barrels in the week ended July 24, market sources said on Tuesday, citing data from the American Petroleum Institute.
\nOfficial inventory data from the Energy Information Administration is due later on Wednesday.
\nFurther supporting prices, OPEC+ is likely to halt oil output increases for three months starting in October, sources told Reuters, after the producer group completes the scheduled return of barrels following voluntary cuts.<\/p>\n","protected":false},"excerpt":{"rendered":"
Brent climbs to $87.39, WTI tops $82 per barrel london Oil prices rose more than $3 a barrel on Wednesday after joint strikes in Iraq by the United States and Saudi Arabia, and \u200cthe interception of Iran\u2019s ballistic missiles aimed at US forces in the Middle East, while US crude inventories shrank. Brent futures increased …<\/p>\n","protected":false},"author":4,"featured_media":69407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-100995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/100995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=100995"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/100995\/revisions"}],"predecessor-version":[{"id":101005,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/100995\/revisions\/101005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/69407"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=100995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=100995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=100995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}