Oil prices increased on Wednesday following U.S. military strikes against Iranian targets, which were a response to the downing of an American Army Apache helicopter. U.S. crude oil futures for July delivery rose 0.74% to $88.89 per barrel, while Brent futures for August delivery climbed 0.82% to $92.20 per barrel. The U.S.
Central Command characterized the strikes as a defensive measure against Iranian aggression. President Trump confirmed the safety of the helicopter pilots and emphasized the necessity of a U.S. response.
Rystad Energy highlighted that the ongoing conflict has already caused a significant oil supply disruption, with production losses reaching 1 billion barrels and potential future losses of 350 million barrels for each additional month of conflict. This situation underscores the fragility of oil supply in the region and the potential for further price volatility