Oil strengthens as markets react to Iranian attack on US forces

Tokyo — Oil prices jumped to their highest in months on Wednesday after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supply.

US West Texas Intermediate crude futures climbed $1.25, or 2%, to $63.95 a barrel. It earlier reached a high of $65.85, the most since late April last year. “It’s getting really serious ... but there is a feeling of achievement in terms of technical charts as Brent has surged to above $70 a barrel and near a high in September, 2019 after attacks on Saudi Arabian oil sites,” said Hideshi Matsunaga, analyst at Sunward Trading in Tokyo.

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