Crude oil jumped more than 6% to above $84 a barrel on Wednesday, ending a three-day losing streak as renewed conflict across the Middle East heightened fears of potential supply disruptions. The US military said it had successfully intercepted what it called a surprise Iranian attack aimed at US troops stationed throughout the region. At the same time, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Province for a second straight day.
Reports also indicated that Yemen’s Houthi militants were considering imposing transit fees on vessels passing through the Red Sea, stoking further concerns about rising shipping costs and risks to energy flows. Iran has pursued similar charges on tankers navigating the Strait of Hormuz. In the US, data from the American Petroleum Institute showed crude inventories fell by 3.3 million barrels last week, underscoring ongoing tightness in global oil supplies.
