Oil jumps after US and Saudi Arabia airstrikes in Iraq
Business
Oil prices shot up on Wednesday after the US and Saudi Arabia carried out airstrikes against Iran-backed targets in Iraq.
This move has everyone watching closely, as it could mean more supply issues ahead, especially with worries about tanker traffic through the crucial Strait of Hormuz.
Brent $85.23, Jazan refinery offline
Brent crude climbed nearly 4% to $85.23 a barrel, and WTI followed suit at $82.63 a barrel. In India, crude futures also spiked by over 4%.
The strikes were a response to a wave of recent drone attacks on US and Saudi assets, according to officials.
On top of that, there are reports that Saudi Arabia's Jazan refinery is offline after Houthi attacks, adding even more uncertainty for global oil supplies.