Oil prices resumed their upward trend on Wednesday after having fallen sharply in the previous session following reports that the International Energy Agency (IEA) may deploy its largest-ever stockpile draw to offset supply risks from war.
Benchmark Brent crude futures were up 4.2 percent at $91.49 a barrel in European trade and WTI contracts surged 4.5 percent to $87.24 a barrel as the fighting in Iran continued to rage on, with the U.S. and Israel exchanging air strikes with Iran across the Middle East.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.