The price of benchmark Brent crude climbed past $90 per barrel on Wednesday after a renewed round of US-Iran hostilities shattered a days-long lull in fighting and the Houthis targeted Saudi oil exports.

Brent crude climbed above $87 as Middle East tensions intensified, US crude inventories fell and expectations grew that OPEC+ may pause output hikes.

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…