Oil Prices Soar on US-Iran Strike Escalation

Oil prices rose on Wednesday as concerns over supply disruptions intensified after the US and Iran exchanged strikes overnight.

The Brent crude futures price climbed to $95.40 a barrel, while US West Texas Intermediate crude futures rose to $90.66 per barrel.

The increase in oil prices follows Tuesday's surge of more than $4 for both contracts.

ING analysts noted that recent developments have brought risks to regional oil supplies back into focus and warned that rising tensions could put crossings at risk through the Strait of Hormuz, a critical waterway.