(RTTNews) – Oil prices resumed their bullish trend on Wednesday after falling sharply in the previous session, following reports that the International Energy Agency (IEA) could deploy its biggest-ever stockpile draw to address supply risks from the war.
In European trading, benchmark Brent crude futures were up 4.2 percent at $91.49 a barrel and the WTI contract rose 4.5 percent at $87.24 a barrel as fighting in Iran continued, with the US and Israel exchanging airstrikes with Iran across the Middle East.
Both contracts fell more than 11 percent on Tuesday as US President Donald Trump said the war on Iran is “going to end soon”.
Tehran is maintaining pressure in the face of heavy attacks from the United States and Israel, firing missiles and drones at targets across the Gulf.
The Islamic Revolutionary Guard Corps (IRGC) said today that it fired four missiles at the US military headquarters in the Middle East.
Elsewhere, Qatar’s Defense Ministry said the country’s military had intercepted a new missile attack targeted at the Gulf country.
The UN Security Council is expected to vote later in the day on a resolution sponsored by the Gulf Cooperation Council (GCC) demanding that Iran stop attacking its Arab neighbours.
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