Crude oil rises to about $96.70, highest since May
Crude oil rose to about $96.70 a barrel on Wednesday, the highest level since May. The move was driven by escalating US-Iran tensions, including reported attacks on Navy ships and energy facilities, plus a 0.3 million barrel fall in US crude inventories last week.
70 a barrel on Wednesday, its highest since May, amid escalating US-Iran tensions. US officials said Iran tried to attack Navy ships on Monday after launching ballistic missiles at an aircraft carrier over the weekend, part of a previously undisclosed wave of attacks. Iranian state media said a US missile hit a small oil tanker four miles from Kharg Island on Tuesday. The conflict widened this week after Iran-backed Houthi militants struck several energy facilities in Saudi Arabia, forcing a temporary halt to some operations.
3 million barrels last week. Ukrainian drones also hit infrastructure in Novorossiysk, Russia’s key oil terminal in the Black Sea, on Wednesday.