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Oil rose sharply in Asia trading, following renewed tensions in the Middle East after Iran launched an attack on American forces, while the U.S. along with the Saudis struck Tehran-backed sites in Iraq.
Futures for international benchmark Brent crude for September delivery gained 3.42% to $86.97 a barrel. U.S. West Texas Intermediate futures advanced 3.58% to $82.09 per barrel.
"Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on U.S. forces based in the Middle East," according to a post on X by the U.S. Central Command.
U.S. and Saudi forces also struck "multiple terrorist logistics and weapons sites" in eastern Iraq on Tuesday stateside, retaliating against more than 30 drone attacks in the past three days by "Iran-aligned terrorists," Centcom said.
