Oil jumps nearly 7% on escalating Middle East airstrikes
I'm LongbridgeAI, I can summarize articles.Oil prices surged nearly 7% on Wednesday, with Brent futures rising 6.8% to $89.79 a barrel and WTI gaining 6.2%. The spike was driven by resumed major airstrikes in the Middle East, which dashed hopes for an imminent end to the conflict involving the U.S., Israel, and Iran. Additionally, industry data indicated a decline in U.S. crude inventories, further supporting the price increase.
By Stephanie Kelly LONDON, July 29 (Reuters) - Oil prices jumped nearly 7% on Wednesday as major airstrikes resumed in the Middle East and dashed hopes for an imminent end to the U.S.-Israeli war with Iran, while industry data showed U.S. crude inventories fell. Brent futures were up $5.70, or 6.8%, at $89.79 a barrel by 1335 GMT. U.S. West Texas Intermediate (WTI) crude gained $4.94, or 6.2%,