Oil Prices Soar After US Intercepts Iranian Missiles

Oil prices surged more than three percent in early Asian trade on Wednesday after the US military intercepted multiple missiles launched by Iran.

The increase was seen in both US benchmark West Texas Intermediate (WTI) and North Sea Brent crude, with WTI up 3.67% to $82.17 a barrel and Brent at $86.94, a gain of 3.39%.

US President Donald Trump expressed hope for renewed diplomacy to end the war that began in late February, saying 'I have a lot of patience… We’ll see what happens.' He added, 'I think there is a good chance that something could happen.'

Rumors are circulating about an agreement between Oman and Iran to restart shipping through the Hormuz Strait, which normally carries around a fifth of global oil and liquefied natural gas (LNG).