Oil prices gain over $1 on Wednesday as escalating Middle East tensions fuel fears of supply disruptions, while falling US crude and product inventories lend support to the market, Reuters reports.
Brent crude futures rose $1.59, or 1.5 per cent, to $110.38 per barrel as of 0350 GMT. US West Texas Intermediate (WTI) crude gained $1.36, or 1.4pc, to $99.18 per barrel.
Prices fell in the previous trading session after Iran’s president discussed mediation efforts in a meeting with Pakistan’s army chief in Tehran, though Brent hit a five-month high before easing.
“Oil prices have been having a bit of wild ride in the last couple of sessions,” said Suvro Sarkar, head of energy research at DBS.
