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 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…

Oil prices rebounded sharply after renewed military action in the Middle East and a larger-than-expected draw in U.S. crude inventories reignited supply concerns.