Dubai – Masaader News
Oil prices rise nearly 3% to above $63 a barrel on Thursday after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington, according to Reuters.
Brent crude, the global benchmark, was up $1.65 at $63.48 a barrel at 8:37 a.m. ET, having risen 3.3% to $63.88 earlier in the session.
U.S. West Texas Intermediate crude rose $1.74 to $55.50.
The drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile, a U.S. official said. Iran’s Revolutionary Guards said the drone was flying over southern Iran.