&imwidth=800&imheight=600&format=webp&quality=medium "Oil prices jump over 3% after US says it intercepted Iranian missile attack")
Oil prices surged more than 3 per cent in early Asian trading on Wednesday (Jul 29) after the United States military said it had intercepted multiple ballistic missiles launched by Iran. At around 0015 GMT, US benchmark West Texas Intermediate (WTI) rose 3.67 per cent to $82.17 a barrel, while Brent crude climbed 3.39 per cent to $86.94 a barrel.
The sharp gains came after US Central Command (CENTCOM) said Iran's Islamic Revolutionary Guard Corps (IRGC) had launched multiple ballistic missiles targeting US forces in the Middle East.
US intercepts Iranian missiles
"At 5:45 pm 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 said in a post on X.
It added that all of the missiles were successfully intercepted, without disclosing the locations that were targeted.
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The latest exchange shattered a days-long pause in direct attacks between Washington and Tehran. The two sides had largely held fire over the weekend after nearly two weeks of nightly US strikes on Iran and repeated Iranian missile and drone attacks targeting American allies across the Gulf.
The current escalation began in mid-July after Iran attacked several ships transiting the Strait of Hormuz, a key global oil shipping route.
Fears of wider regional conflict resurface
Oil prices had fallen sharply during the weekend lull as markets grew hopeful that tensions were easing. Investor sentiment was further supported after US President Donald Trump said there was a "good chance" of progress in negotiations aimed at ending the conflict.
However, Tuesday's missile launch reignited fears of a wider regional conflict that could disrupt crude supplies from the Middle East, prompting traders to push oil prices sharply higher.
