DID Press: Brent crude oil prices surged on Wednesday as renewed military tensions between the United States and Iran heightened concerns over potential supply disruptions in the Middle East and shipping through the Strait of Hormuz.
Reuters reported that Brent crude rose by about 0.8% to $95.40 per barrel in early trading, following a sharp gain of more than $4 in the previous session. U.S. West Texas Intermediate crude also climbed as investors priced in growing geopolitical risks.
The rise followed a new exchange of military strikes between Washington and Tehran, intensifying concerns about oil supplies and the security of the Strait of Hormuz, one of the world’s most strategically important energy shipping routes.
Reuters reported that oil prices had already reached five-week highs on Tuesday after renewed U.S. strikes against Iran refocused market attention on the risk of wider disruption to Middle Eastern energy supplies.