Oil up nearly 1% as US and Iran trade fresh strikes

Brent crude prices rose nearly 1 percent on Wednesday, climbing after fresh military strikes were exchanged between the United States and Iran that have limited global oil supply. The U.S.-Iran conflict has now lasted seven months, with the most recent attacks being the largest since July. U.S. forces targeted Iran's southern coast, while Iran fired upon American bases in the region.

Brent crude futures increased by 98 cents, or 1 percent, to $95.63 a barrel, while U.S. West Texas Intermediate crude futures rose 79 cents, or 0.9 percent, to settle at $91.01. The session witnessed significant fluctuations, with prices reaching highs not seen since July 24. The escalation follows a period of relative calm that lasted roughly a month, as the U.S. targeted Iranian radar and mine-laying capabilities, while Iran retaliated against U.S. positions across the region.

Mark Schaefer, a director at brokerage Liquidity Energy, noted in a note that the main concern for the oil market is whether the renewed fighting will lead to another deterioration in physical flows through the region.