Oil price rose to three-month highs, boosted by Middle East tensions


Oil prices are trading at three months high on Monday after the news of U.S. airstrikes in Iraq and Syria against Kataib Hezbollah, an Iran-backed militia group. U.S. officials said Sunday that the attacks were successful, but warned that “additional actions” may be taken to defend U.S. interests. West Texas Intermediate (WTI) crude futures edged up 5 cents to $61.77 a barrel by 05:29 GMT. The U.S. benchmark is up about 36% so far this year.

According to the most recent EIA report which released on Friday, crude inventories in the US declined by 5.5 million barrels during the week ending December 20. This turned crude oil bullish as economists had previously forecast a drawdown of only 1.7 million barrels.