WTI Crude Oil Prices Soar After Iran Attacks US Military Bases in Iraq

WTI crude oil prices have soared to a several months’ high early on Wednesday after Iran launched missile attacks against US military bases in Iraq in retaliation to last week’s drone strikes. At the time of writing, WTI crude oil is trading around $6 per barrel.

Earlier today, Iran fired over a dozen ballistic missiles targeted at military bases in Iraq that house US and coalition troops. The Iranian Islamic Revolutionary Guard Corps have since claimed responsibility for the attack.

So far, the US government has not confirmed the extent of damage inflicted by these missile attacks. However, reports of escalation in tensions between the US and Iran have served to heighten concerns in the market and send crude oil prices higher for now.

Iran had vowed to avenge the death of its top military commander Qassem Soleimani in US-led airstrikes last week.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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