Oil prices jumped over 1% on Wednesday as tensions in the Middle East continued to intensify after Iran launched missiles towards Kuwait and Bahrain. At the same time, peace efforts between Tehran and Washington yielded no breakthrough and the Strait of Hormuz disruption continued for 96th day.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.

Iran said it will halt nuclear talks with the U.S. and block the key shipping chokepoint until Israel withdraws from Lebanon