Crude Surges Over 2.5% After US Strikes Iran, Renewed Supply Concerns

Crude oil prices witnessed a sharp rise on Wednesday after renewed military tensions between the United States and Iran triggered concerns over possible disruptions to Middle East oil supplies. Brent crude was trading at $76.15 per barrel, up 2.68%, while US West Texas Intermediate (WTI) crude gained 2.80% to reach $72.41 per barrel during early trade. The increase followed US airstrikes on Iran after attacks on three commercial vessels passing through the Strait of Hormuz. Washington also reinstated sancti