Middle East Tensions Fuel Oil Price Surge

Oil prices surged in early Asian trading on Wednesday, extending sharp gains from the previous session. The increase came as renewed US-Iran hostilities heightened fears of disruptions to crude supplies from the Middle East.

Brent crude futures rose by $0.87, or 0.92%, to reach a price of $95.52 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures gained $0.80, or 0.89%, to hit $91.02 per barrel.

The latest gains were fueled by the United States and Iran exchanging strikes overnight, reviving concerns over the security of oil flows through the Strait of Hormuz. This has raised doubts about a quick de-escalation of the conflict.