09:17 AM EDT, 07/17/2025 (MT Newswires) -- Oil prices rose early on Thursday, pushed up by tightening supply and safe-haven buying on renewed Middle East violence.

West Texas Intermediate crude oil for August delivery was last seen up US$0.62 to US$67.00 per barrel, while September Brent oil rose $0.35 to US$68.87.

The rise follows on three days of drone attacks on oil infrastructure in Iraq's Kurdistan region that shut in about 150,000 barrels per day of supply. Reuters reported that no one has claimed responsibility for the attacks, though Kurdistan officials suspect Iran-backed militias.

Israeli attacks on Syria are also prompting haven demand. The country on Wednesday struck the Syrian defense ministry in Damascus and government forces in southern Syria as it interfered to support Druze militias fighting against the Syrian army.

A drop in U.S. inventories amid solid summer demand is also supporting prices. The Energy Information Administration on Wednesday reported U.S. oil stocks fell by a more than expected 3.9-million barrels last week.

Still, prices are down 11% over the past month as supply is on the rise. OPEC+ is returning 2.2-million barrels per day of production cuts in to market. The cartel has added three monthly tranches of 411,000 bpd and will increase output by 548,000 bpd in August, with another similar-sized tranche expected in September.