Oil prices rallied sharply on Wednesday, with benchmark crude contracts gaining over 7%, after a fresh wave of military action in the Middle East reignited concerns over global oil supplies. The rally was also supported by industry data showing a drawdown in US crude inventories.

Oil prices fell as Middle East tensions eased, with crude oil reaching a new all-time high by September 30 at 6.2% YES.

Oil prices rebounded sharply on Wednesday, reversing part of the previous session's steep decline, as renewed tensions in the Middle East reignited concerns over global crude…