US-Iran Tensions Send Oil Prices Soaring Amid Supply Disruptions

Oil prices surged nearly 1% in early trade on Wednesday as the US and Iran traded fresh strikes, intensifying concerns over supply disruptions in the Middle East.

The Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel by 0008 GMT, while US West Texas Intermediate crude futures climbed 80 cents, or 0.89%, to $91.02.

The escalation of tensions between the two countries began with the US launching airstrikes against targets in Iran overnight, prompting an Iranian response.

Iran's Islamic Revolutionary Guard Corps (IRGC) said the strikes would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict.