Oil prices surged today as Middle East tensions reignited, with Iran firing missiles at U.S. bases—successfully intercepted—and retaliatory strikes by U.S. and Saudi forces in Iraq. Brent crude hit $88, WTI near $83, reversing recent declines. U.S. inventories also plummeted, with the Strategic Reserve hitting its lowest level since 1983. Traders brace for more volatility as they await official inventory data—another drop or escalation could send prices soaring.
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