Oil Prices Rise in Early Asian Trading Amid Heightened Supply Disruption Fears

Deep News07:40

Oil prices have moved higher, driven by increased concerns over potential supply disruptions following military exchanges between the United States and Iran.

The United States conducted strikes against Iran on Tuesday in retaliation for the downing of a U.S. Apache helicopter near the Strait of Hormuz.

Several U.S. officials stated the aircraft was hit by an Iranian "Shahed" drone while patrolling near the coast of Oman.

Zaheer Anwari, Co-founder and CEO of The Revacy Fund, commented in an email that any fresh disruption could quickly reintroduce upward pressure to the market.

The front-month West Texas Intermediate crude futures contract advanced 1.1% to $89.17 per barrel.

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