Oil prices edged higher on Friday, reversing early losses as the Iranian campaign against Gulf Arab states broadened.
Drones have struck Kuwait's largest oil refinery for the second day, leading to a fire and forced shut down at several units of the oil facility.
State oil firm KPC said its Mina Al-Ahmadi oil refinery was hit by multiple drone attacks, causing massive fire in some units. The facility processes about 730,000 barrels of oil per day.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.