Crude oil futures traded higher on Wednesday morning after the US and Saudi Arabia conducted joint strikes on Iran-backed targets in Iraq.At 10.03 am on Wednesday, October Brent oil futures were at $84.95, up by 3.50 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $82.32, up by 3.86 per cent.August crude oil futures were trading at ₹7918 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹7603, up by 4.14 per cent, and September futures were trading at ₹7723 against the previous close of ₹7449, up by 3.68 per cent.A statement by the US Central Command said that the Central Command and the Saudi Arabian Armed Forces conducted precision strikes in Iraq on July 28, against Iran-aligned terrorists that the Islamic Revolutionary Guard Corps (IRGC) directed to attack US forces and Saudi energy infrastructure.US and Saudi fighter aircraft struck multiple terrorist logistics and weapons sites across eastern Iraq in a strong response to over 30 IRGC-directed aerial drone attacks in the last 72 hours, it said, adding, the unwarranted attacks against US forces were not successful.In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said prices popped higher in early morning trading on Wednesday after a heavy sell-off in the oil market over the last three days. Renewed strength comes after the US said it intercepted a surprise attack on US troops. Saudi Arabia intercepted drones from Iranian-backed groups in Iraq, which were targeting Saudi energy infrastructure. These developments throw cold water on the idea of a swift de-escalation in the Persian Gulf, they said.With Saudi oil infrastructure increasingly targeted, the risk of more prolonged supply disruptions grows. There are reports that the 400,000 barrels a day Jazan refinery in Saudi Arabia has shut following Houthi attacks over the weekend. If confirmed, this will only add to tightness concerns in the refined products market already dealing with disruptions from the Persian Gulf, as well as Russia, they said.Meanwhile, tanker traffic through the Strait of Hormuz remains essentially halted. While Iran and Oman have held talks on managing vessel transits through the strait, Iran has rejected Oman’s proposal for a 50-50 shipping plan. Iran wants oversight of both inbound and outbound vessels, it said.August natural gas futures were trading at ₹259.50 on MCX during the initial hour of trading on Wednesday against the previous close of ₹261, down by 0.57 per cent.On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹20504 in the initial hour of trading on Wednesday against the previous close of ₹20356, up by 0.73 per cent.August Mumbai rainfall futures were trading at ₹2433 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹2460, down by 1.10 per cent.Published on July 29, 2026