Oil prices climb 3% after Iran shot down intruding US spy drone

According to Reuters, Brent crude features, the global benchmark, went up $1.38 at $63.20 a barrel at 0854 GMT Thursday, having risen as much as 3.3% to $63.88.

US West Texas Intermediate crude jumped $1.45 to $55.21.

The US-made spy drone was brought down by Iran’s Islamic Revolution Guards Corps (IRGC)’s Air Force near the Kouh-e Mobarak region — which sits in the central district of Jask County in Iran’s coastal province of Hormozgan— after the aircraft violated Iranian airspace, according to a statement by IRGC.

Iran’s IRGC shoots down intruding US spy droneIran’s Islamic Revolution Guards Corps shoots down an intruding American spy drone in the country’s southern coastal province of Hormozgan.

Tensions have been running between Iran and the US in recent weeks, with Washington stepping up its provocative military moves in the Middle East.

Last month, Washington dispatched an aircraft carrier strike group, a bomber task force, and an amphibious assault ship to the Persian Gulf, citing an alleged Iranian threat.

On Monday, the Pentagon announced that the US will send 1,000 additional US forces and more military resources to the Middle East.

Oil prices jump after tanker incidents in Oman SeaCrude oil futures jump following reports of explosions targeting two oil tankers in the Sea of Oman.

Tehran believes the US has a hand in a set of suspicious regional incidents in recent weeks, such as the June 13 attacks against oil tankers in the Sea of Oman, in a bid to pin the blame on Iran and put more pressure on the country.