NEW YORK: Oil prices climbed seven per cent on Wednesday as air strikes resumed in the Middle East, adding to worries about dwindling supply as US government data showed domestic crude inventories fell to a multi-year low.

Brent futures were up $6.33, or 7.53pc, at $90.42 a barrel by 1:50pm ET (1751 GMT). US West Texas Intermediate crude gained $5.26, or 6.64pc, to $84.52 a barrel.

The US and Saudi Arabia launched strikes on Iran-backed groups in Iraq on Wednesday, blaming them for drone attacks on Saudi oil facilities.

The strikes came hours after the US military said it had averted a surprise Iranian attack on US troops in the region. Iran said it had fired on ships in the Strait of Hormuz and at US bases in Jordan. In Egypt, explosions hit a natural gas loading port on the Mediterranean Sea, and British maritime security company Ambrey said a US-owned floating storage tanker there had been hit by a drone.

Published in Dawn, July 30th, 2026