Oil Prices Surge Amid Middle East Tensions and Tanker Attacks

Oil prices rose on Wednesday morning due to concerns about supply disruptions in the Middle East. The potential agreement between the United States and Iran remains uncertain, while attacks on two oil tankers have fueled worries about the region's stability.

Brent crude futures gained 72 cents, or 0.81 percent, to $89.63 a barrel by 00:53 GMT, while U.S. West Texas Intermediate crude futures rose 71 cents, or 0.85 percent, to $83.91. These benchmark contracts had settled more than a dollar higher on Tuesday and continued their upward trend after Monday's nearly 5 percent jump.

Shipping data showed that traffic through the Strait of Hormuz decreased significantly, with only six vessels passing through on Monday compared to the 10-day average of about 11. This is a stark contrast to pre-war levels, which averaged between 125 and 140 vessels per day.