Crude erased earlier losses in just ten minutes after reports that Iran fired ballistic missiles toward a US base in Jordan. US Central Command says all of them were intercepted, yet the launch ended a days-long pause in direct attacks between Washington and Tehran.
WTI rose nearly 4% in a hurry after Axios reported that Iran had launched ballistic missiles toward a US base in Jordan. The rebound erased earlier losses in just ten minutes, undoing a day of decline.
Before the rebound, Brent was reported at $83.75 and WTI at $78.55, both having dropped around 17% over the past three days. Crypto Briefing said the incident has heightened concerns over potential disruptions in oil supply.
Centcom says every missile was intercepted
According to the Pentagon, Iran launched a ballistic missile attack on US forces, ending a days-long pause in direct attacks between the two warring countries. The US blamed the Islamic Revolutionary Guard Corps, and Centcom described the launch as an attempted surprise attack.
Centcom then reported that every missile was stopped: “All Iranian missiles were successfully intercepted”. The US military put the launch at 5:45 pm ET and said the IRGC had fired multiple ballistic missiles.
Reports diverge on whether the base was hit
One report counted at least three ballistic missiles, with Axios citing a US official. However, an image circulating claimed a direct hit on the Muwaffaq Salti Air Base in Jordan, though InvestingLive noted it could be an old image because that base has been confirmed to have been hit earlier in the month. Crypto Briefing cited Iran’s claim of striking the Azraq base.
Traders still price a record high as unlikely
Market pricing in the oil market still puts a record price at low odds. The probability of crude reaching a new all-time high by September 30 remains low, at 4.8%. The odds for December 31 have increased slightly, to 12.5%.
InvestingLive also noted talk that the launch answered US targeting of Iranian navy boats. Either way, the attack could put Washington and Tehran back on a path of escalating military action.
Sources: Financial Times, ForexLive/InvestingLive, Crypto Briefing
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