Oil prices rise after an attack on an American base on the Jordanian-Syrian border

Oil prices experienced an uptick following a drone attack on the American Al-Tanf military base situated on the Jordanian-Syrian border, resulting in the deaths of three American soldiers. President Joe Biden pledged retaliation in response to the incident.

Brent crude rose by 0.57% to reach $84.03 per barrel, while the price of US West Texas Intermediate crude increased by 0.6%, reaching $78.48 per barrel.

The White House confirmed that the drone attack targeted US military personnel stationed at a site in northeastern Jordan near the Syrian border. President Biden stated that Iranian-backed extremist militant groups operating in Syria and Iraq were responsible for the attack. He emphasized that the United States would hold those accountable for the incident.

Iran, however, rejected allegations of involvement in the attack on the Al-Tanf base, labeling the accusations as unfounded. Iranian Foreign Ministry spokesman Nasser Kanaani asserted that continued US strikes in Syria and Iraq, along with the conflict in Gaza, would only exacerbate instability in the region.

President Biden’s accusation of groups allied with Iran for the drone attack marked the first incident causing deaths among US forces since the outbreak of the conflict in Gaza, with far-reaching repercussions across the Middle East.