By Nicole Jao
NEW YORK, July 29 (Reuters) - Oil prices climbed 7% on Wednesday as airstrikes resumed in the Middle East, adding to worries about dwindling supply as U.S. government data showed crude inventories fell to a multi-year low.
Brent futures were up $6.16, or 7.33%, at $90.25 a barrel by 11:36 a.m. ET (1536 GMT). U.S. West Texas Intermediate crude gained $5.40, or 6.81%, to $84.65 a barrel.
"Renewed military strikes in the Middle East and Iranian officials reiterating that they want to control shipping activity through the Strait of Hormuz amid depressed oil flows through the strait are lifting oil prices again," UBS ******* yst Giovanni Staunovo said.
The U.S. and Saudi Arabia launched strikes on Iran-backed groups in Iraq on Wednesday, blaming them for drone attacks on Saudi oil facilities.
#middle #east
NEW YORK, July 29 (Reuters) - Oil prices climbed 7% on Wednesday as airstrikes resumed in the Middle East, adding to worries about dwindling supply as U.S. government data showed crude inventories fell to a multi-year low.
Brent futures were up $6.16, or 7.33%, at $90.25 a barrel by 11:36 a.m. ET (1536 GMT). U.S. West Texas Intermediate crude gained $5.40, or 6.81%, to $84.65 a barrel.
"Renewed military strikes in the Middle East and Iranian officials reiterating that they want to control shipping activity through the Strait of Hormuz amid depressed oil flows through the strait are lifting oil prices again," UBS ******* yst Giovanni Staunovo said.
The U.S. and Saudi Arabia launched strikes on Iran-backed groups in Iraq on Wednesday, blaming them for drone attacks on Saudi oil facilities.
#middle #east
3 months ago
