Oil prices climb over $3 a barrel on US-Iran tensions and Middle East attacks

RIYADH, Saudi Arabia — LONDON — Oil prices rose more than $3 a barrel on Wednesday as military tensions between the United States and Iran escalated and fighting intensified across the Middle East. Brent crude climbed to $87.39 a barrel, while U.S. West Texas Intermediate crude reached $82.31. The U.S. Army said Iran fired ballistic missiles toward American forces and that the missiles were intercepted. Iran's Revolutionary Guard Corps claimed responsibility for strikes targeting a U.S. air base and the U.S. Central Command headquarters in the country's east. Saudi Arabia said it struck Hashd al-Shaabi positions in several areas of Iraq in coordination with U.S. Central Command, accusing the forces of carrying out drone attacks on oil facilities in the kingdom. Prices were also supported by American Petroleum Institute data showing U.S. crude inventories fell by about 3.3 million barrels in the week ending July 24. Investors are awaiting the Energy Information Administration's official stockpile report. No further details were immediately available on the broader security developments in the region.