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Oil prices rose by more than 2% in early trading on Wednesday, continuing the gains from the previous session as fears of supply disruption escalated after the United States and Iran traded overnight strikes, dashing hopes for a swift easing of tensions in the Middle East.
Brent crude futures rose 2% to $96.58 a barrel, approaching their highest level in six weeks, while US West Texas Intermediate (WTI) crude futures also climbed by more than 2%.
Both contracts had jumped by more than $4 on Tuesday, marking the largest daily gain for Brent since July 24 and for WTI since July 23.
The United States launched a series of airstrikes against targets in Iran overnight, and Tehran responded with missile and drone attacks on US sites in the region, in the latest escalation between the two countries in weeks.
US Central Command stated that the strikes followed recent attempts by the Islamic Revolutionary Guard Corps (IRGC) to target commercial vessels in the Strait of Hormuz and US military personnel deployed in the region.
The IRGC stated that the US strikes would further restrict navigation through the Strait of Hormuz, the vital corridor through which a significant portion of global oil trade passed prior to the outbreak of the conflict.
This latest round of strikes follows attacks targeting two oil tankers as they were leaving the Strait of Hormuz on Monday, which heightened concerns over oil supplies and prompted traders to seek alternative crude cargoes.
In the United States, preliminary data from the American Petroleum Institute showed crude inventories falling by about 2.6 million barrels during the week ending August 28, along with a decline in distillate inventories—which include diesel and heating oil—by about 265,000 barrels.
These developments reinforce upward pressure on oil prices amid ongoing concerns over a widening confrontation and its impact on maritime navigation and global energy supplies.
Reuters