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

Oil prices surged nearly 1% on Wednesday, following the US and Iran's exchange of strikes overnight, which has heightened concerns over potential supply disruptions in the Middle East. Brent crude futures climbed 0.92% to $95.52 a barrel, while US West Texas Intermediate crude futures increased 0.89% to $91.02. The escalation comes after the US launched airstrikes against targets in Iran, and Iran responded with its own strikes, including against commercial shipping in the Strait of Hormuz and a US military base in Jordan.

The ongoing tensions have forced traders to seek alternative crude shipments, further impacting oil supplies.

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