Oil up nearly 1pct as US and Iran trade fresh strikes
NEW YORK: Oil prices rose nearly one per cent in early trade on Wednesday, extending the previous session's surge, as concerns over supply disruption intensified after the US and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.
Oil prices surged nearly one percent on Wednesday as tensions escalated between the United States and Iran following a series of strikes. Brent crude futures rose 87 cents, or 0.92 percent, to US$95.52 a barrel, while US West Texas Intermediate crude futures climbed 80 cents, or 0.89 percent, to US$91.02. The US had carried out airstrikes against targets in Iran overnight, which Iran retaliated against, escalating the conflict in the Middle East.
The strikes came after recent attempted attacks on commercial shipping in the Strait of Hormuz and against American service members deployed to the region. Both countries have since threatened further disruptions to oil supplies, causing traders to seek alternative crude shipments.
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