Oil Prices Climb As Renewed US-Iran Strikes Fuel Supply Fears
Singapore: Oil prices rose nearly 1% in early Asian trading on Wednesday, extending sharp gains from the previous session, as renewed US-Iran hostilities heightened fears of disruptions to crude supplies from the Middle East.
Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained 80 cents, or 0.89%, to $91.02 a barrel.
Both benchmarks surged more than $4 on Tuesday, with Brent settling at its highest level since July 24 and WTI at its highest since July 23. Brent rose $4.16, or 4.6%, while WTI gained $4.46, or 5.2%
The latest gains came after the United States and Iran exchanged strikes overnight, reviving concerns over the security of oil flows through the Strait of Hormuz and raising doubts about a quick de-escalation of the conflict.
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