Oil rises on Middle East supply fears, US inventory drawdowns
Brent crude futures rise $1.59, or 1.5%, to $110.38 per barrel
BEIJING: Oil prices gained over $1 on Wednesday as escalating Middle East tensions fuelled fears of supply disruptions, while falling US crude and product inventories lent support to the market. Brent crude futures rose $1.59, or 1.5%, to $110.38 per barrel as of 0350 GMT. US West Texas Intermediate (WTI) crude gained $1.36, or 1.4%, to $99.18 per barrel. Iran’s Guards claim strikes against Oman and Bahrain Prices f...