Brent Crude oil was trading around the $95 mark on Wednesday.
Stocks fell and bond yields held at multi-decade highs as investors ramp up rate hike bets amid a fresh flare-up in Middle East tensions that has sparked another surge in oil prices.
Crude continued the week's gains and has spiked around 10 percent since the United States hit an Iranian island in the Strait of Hormuz at the weekend, sparking a series of tit-for-tat attacks in which Tehran has targeted American interests in several regional countries.
On Wednesday morning, Brent North Sea Crude was trading at $95.43 per barrel.
The latest round of military action comes after weeks of relative calm during which peace talks went nowhere and Washington said it would aim for the "economic asphyxiation" of the Islamic republic.
