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 surged after US strikes on Iran and stalled diplomacy, fueling fears of escalating Middle East tensions and potential Strait of Hormuz blockade.

June 3 : Oil prices climbed more than 1 per cent in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while…