Global oil prices climbed above $90 per barrel on Wednesday as renewed military tensions in the Middle East heightened concerns over crude supplies, extending a sharp rally after three consecutive sessions of decline.
According to Oilprice.com, Brent crude rose to $90.39 per barrel, reflecting mounting fears over supply disruptions as the conflict involving the United States, Iran and its regional allies intensified.
Reuters reported that the rally followed fresh military developments involving the United States, Saudi Arabia and Iran, alongside a decline in US crude inventories, which further supported prices.
According to the report, the United States and Saudi Arabia launched strikes on Iran-backed groups in Iraq, blaming them for drone attacks on Saudi oil facilities.
The strikes came hours after the US military said it had intercepted a surprise Iranian missile attack targeting American troops in the region. Iran also said it had fired on ships in the Strait of Hormuz and at US military bases in Jordan.
