Oil prices jumped sharply on Wednesday after renewed hostilities between the United States, Iran and their regional allies reignited fears of disruptions to the global crude supply.
The North Sea Brent benchmark for September delivery rose 7.91 percent to $90.74 a barrel. Its US counterpart, West Texas Intermediate for the same month, climbed 6.56 percent to $84.46.
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The US military said it had intercepted missiles fired from Iran targeting American forces deployed in the Middle East. Iranian state television subsequently reported US strikes in the northwest of the country.
Washington also said it had conducted strikes in Iraq against pro-Iranian armed groups, alongside Saudi Arabia, which itself came under missile fire launched from Iraqi territory.
Andy Lipow, an analyst at Lipow Oil Associates, told AFP that the oil market fears the war is spreading.
Houthi rebels from Yemen also struck Saudi Arabia, forcing Saudi Aramco, the kingdom's national oil company, to shut its Jizan refinery, which has a capacity of 400,000 barrels per day, according to Tamas Varga, an analyst at PVM.
Strategic situation
US strategic crude reserves fell by 3.8 million barrels last week, according to the weekly report from the Energy Information Administration, as stockpiles were drawn down to offset war-related supply disruptions.
The Strait of Hormuz, an essential passage for global hydrocarbon trade, remains blocked by Iran, which has sought to maintain control over the waterway and force passing vessels to pay a toll.
