New york: Oil prices continued their upward trajectory, gaining more than two dollars per barrel today, following the United States' launch of airstrikes against Iran. Brent crude futures climbed USD 2.30, or 2.47 percent, to reach USD 95.40 per barrel, while West Texas Intermediate crude advanced USD 2.60, or 2.89 percent, to settle at USD 92.63. US futures crudes had surged by more than three dollars earlier in the session.

According to Oman News Agency, the US Energy Information Administration reported on Wednesday that crude oil inventories fell by 7.2 million barrels to 426.5 million barrels in the week ending 5 June 2026. This decline in crude inventories comes amid escalating tensions in the Middle East, further contributing to the rise in oil prices as markets react to geopolitical uncertainties.