Oil prices rose more than 1 percent in early trading on Wednesday as markets reacted to escalating tensions between the United States and Iran, including US strikes on Qeshm Island and reported Iranian missile and drone launches towards Kuwait and Bahrain.
Brent crude futures gained $1.05, or 1.09 percent, to $97.05 a barrel, while US West Texas Intermediate (WTI) crude rose $1.01, or 1.08 percent, to $94.77 a barrel.
Traders remain focused on developments in the Gulf region and the future of shipping through the Strait of Hormuz, a key route for global energy supplies.
Gas prices displayed at Los Angeles petrol station amid surge in energy costs, 31 May 2026 (Michael Ip/AFP)
