Oil Prices Soar as Middle East Tensions Escalate Further

Oil prices surged on Wednesday after joint strikes in Iraq by the United States and Saudi Arabia, and the interception of Iran's ballistic missiles aimed at U.S. forces in the Middle East.

Brent futures increased by $3.15, or 3.8%, to $87.24 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.73, or 3.4%, to $81.99 a barrel.

The strikes came hours after the U.S. military said it averted a surprise Iranian attack on U.S. troops in the region.

Oman presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz, including collecting voluntary fees for its use.