Oil benchmarks surge over 1% after U.S. military action and Iranian missile launches heighten Middle East tensions.
Brent crude futures climbed 1.09% to $97.05 a barrel in early Asian trade Wednesday, while WTI rose 1.19% to $94.88. The gains follow U.S. strikes on an oil tanker bound for Iran and Iranian missile attacks on Kuwait and Bahrain, escalating regional risks.
Both benchmarks reached one-week highs after strong gains in the previous session. Prior to the latest escalation, oil prices had stabilized near multi-month lows amid demand concerns, but geopolitical tensions have reignited supply fears.
No immediate market reaction data was reported beyond the price moves.