Oil Prices Pop Higher as US Sees Imminent Strike on Israel

WTI climbed as much as 1.4% to trade above $86 a barrel
US crude inventories rose to the highest level since July

Oil is still up 19% this year as OPEC+ cuts supply and geopolitical tensions across the Middle East present bullish tailwinds. — Oil is still up 19% this year as OPEC+ cuts supply and geopolitical tensions across the Middle East present bullish tailwinds.
Photographer: Jason Franson/Bloomberg

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By Julia Fanzeres and Devika Krishna Kumar

April 9, 2024 at 11:15 PM UTC

Updated on

April 10, 2024 at 7:22 PM UTC

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Oil reversed earlier losses and quickly moved higher after it was reported that the US and its allies believe major missile or drone strikes by Iran or its proxies against military and government targets in Israel are imminent.

West Texas Intermediate rallied as much as 1.4% to trade above $86 a barrel on Wednesday before paring some gains. Prices are up about 22% in 2024, partly on geopolitical risks in the Middle East.