Oil Prices Spike After US-Saudi Strikes on Iran-Backed Forces Raise Supply Concerns
Global oil prices jumped more than 3% after the United States and Saudi Arabia carried out strikes against Iran-backed targets in Iraq, increasing concerns over possible energy supply disruptions.
Brent crude rose to around $84.95 per barrel, while West Texas Intermediate (WTI) climbed above $82. The market reaction followed reports that the strikes targeted weapons and logistics sites linked to groups accused of drone attacks on US forces and Saudi infrastructure.
Energy traders remain concerned as tensions around the Strait of Hormuz continue, with Iran rejecting a proposal for shared management of the key shipping route. The uncertainty has raised fears of prolonged disruptions to global oil supplies.
Other markets also reacted, with Bitcoin falling and investors focusing on the Federal Reserve’s upcoming interest rate decision.
