WEB DESK; Global oil prices spiked sharply on Wednesday after the US military successfully intercepted a “surprise” ballistic missile attack launched by Iran against American forces stationed in the Middle East, reigniting geopolitical risk premiums in energy markets.
Brent crude, the international benchmark, rose 1.13% to settle at $83 per barrel, while West Texas Intermediate (WTI), the US benchmark, jumped 4.11% to also trade at $83 per barrel, reflecting a combined surge of approximately 5% in volatile trading.
The US Central Command confirmed the attack in a social media post, stating: “At 5:45 p.m. ET today, Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East.”
CENTCOM assured that all incoming missiles were successfully intercepted, adding that “US forces remain vigilant and at a high state of readiness.”
The sharp rally in crude prices partially reversed a significant tumble witnessed on Monday, when the Trump administration announced it had paused plans to escalate its war with Iran. That announcement had temporarily eased supply concerns and weighed on prices earlier in the week.
However, Wednesday’s missile barrage and subsequent US-Saudi strikes on Iran-backed targets in Iraq (reported separately) have dramatically reversed that sentiment, with markets now pricing in heightened risks of a broader regional conflict that could disrupt oil shipments from the strategic Strait of Hormuz.
With US forces on high alert, Tehran maintaining a defiant diplomatic stance, and allied operations continuing against pro-Iranian groups, energy markets remain on edge as traders brace for further volatility in the days ahead.
