Update prices
Crude futures rose Brent More than $74.56 a barrel, while US West Texas Intermediate crude rose 88 cents, or 1.26 percent, to $70.71 a barrel by 0029 GMT, down slightly from its rise of more than a dollar earlier in the session.
The two benchmarks jumped by more than five percent during trading yesterday, Tuesday.
Israel said that Iran fired more than 180 ballistic missiles at it yesterday in response to an Israeli campaign against Tehran’s Hezbollah allies in Lebanon.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and a major oil producer in the region.
Israeli Prime Minister Benjamin Netanyahu pledged that Iran would pay the price for its missile attack on Israel, while Tehran said any response would be met with “widespread destruction,” raising fears of a broader war.
And across The American President Joe Biden expressed the United States’ full support for Israel, its old ally, and the UN Security Council scheduled a meeting on the Middle East for Wednesday.
A ministerial committee of OPEC and its allies led by Russia, known as the OPEC+ alliance, will meet later in the day to review the market situation, with no policy changes expected. It is scheduled to be lifted OPEC+ Production is 180 thousand barrels per day as of December.
US inventory data varied, while inventories decreased Oil Crude and distillate stocks rose last week, according to American Petroleum Institute figures yesterday, Tuesday.
