Oil prices climbed on Wednesday, moving away from a seven-week low touched in the previous session, after the United States (US) military launched new strikes against Iran and as market data showed another large draw in US crude stocks.
Brent futures rose 66 cents, or 0.7%, to $92.11 a barrel, while US West Texas Intermediate crude climbed 60 cents, or 0.7%, to $88.80.
The US military struck Iranian targets after President Donald Trump vowed on Tuesday to respond to the downing of a US Apache attack helicopter, a fresh escalation that threatens to unravel a fragile ceasefire between Washington and Tehran.
The latest attacks shifted traders’ focus back on war risks and potential supply disruptions, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“While diplomatic efforts remain ongoing, the latest military exchanges have reintroduced a geopolitical risk premium into oil markets,” Sachdeva said.
–Reuters–
