HOUSTON, July 18 (V7N) — Oil prices climbed by around $1 on Thursday following a fourth consecutive day of drone attacks on oil facilities in Iraq's semi-autonomous Kurdish region, signaling increased geopolitical risk and instability in one of the Middle East’s key oil-producing areas.
 
Brent crude rose to $69.52 per barrel, up $1.00 or 1.46%, while U.S. West Texas Intermediate (WTI) settled at $67.54, increasing $1.16 or 1.75%.
 
Energy officials confirmed that oil output in the region had dropped by 140,000–150,000 barrels per day, more than half of its typical production. The drone strikes have mainly targeted fields operated by international firms such as DNO and Hunt Oil.
 
Though no group has claimed responsibility, officials point to Iran-backed militias as the likely perpetrators of the attacks, which have intensified this week.
 
The repeated strikes highlight the vulnerability of global oil infrastructure to low-cost aerial attacks, pushing energy markets higher on concerns of prolonged supply disruptions.
 
Meanwhile, U.S. crude inventories fell by 3.9 million barrels last week, adding to market pressure and supporting price gains.
 
Analysts expect continued volatility in the oil market as geopolitical tensions and trade policy uncertainty remain unresolved.
 
END/WD/AJ/