On Monday, there was a notable increase in oil prices in reaction to the unfortunate death of US Marines in Jordan from an Iranian-sponsored drone attack.
Global benchmark Brent oil traded up by 0.57% to reach $84.03 a barrel, while U S West Texas Intermediate futures also climbed, rising 0.6% to $78.48 per barrel.
The White House confirmed the death of three US service members and numerous injuries in the assault, which targeted forces stationed at a northeastern outpost near the Syrian border in Jordan. This marked the first instance of American fatalities resulting from enemy action since the commencement of Israel’s conflict with Hamas on October 7.
President Joe Biden, in a statement addressing the attack, asserted, “While we are still gathering the facts of this attack, we know it was carried out by radical Iran-backed militant Hamas operating in Syria and Iraq. Have no doubt we will hold all those responsible to account at a time and in a manner of our choosing.”
The Islamic Resistance in Iraq claimed responsibility for the drone strike, which occurred along the Jordan-Syria border. They also launched attacks on two other bases, expressing solidarity with the Palestinian people in Gaza.
Drone Attack Escalate Tensions
This event occurs amidst escalating tensions in the Middle East, sparked by Israel’s announcement of military action against the Palestinian militant organization, setting the stage for a complex and volatile situation in the region.
The conflict erupted following a devastating terror attack on October 7, which claimed the lives of around 1,200 people in Israel, with casualties mounting to over 26,000 in the Gaza Strip since then.
Moreover, the attack on the US troops closely follows assaults by Yemen-based Houthi rebels on an oil tanker navigating the Red Sea. Last Friday, a petroleum products tanker, operated on behalf of Trafigura, was engulfed in flames after being hit by a missile in the Gulf of Aden.
The concatenation of these events underscores the volatility and fragility of the geopolitical landscape in the region, sending ripples through global oil markets and reinforcing concerns about supply disruptions and regional stability.
Investors and analysts are closely monitoring developments for further insights into potential ramifications on oil prices and broader geopolitical dynamics.
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