Oil prices climbed sharply on Wednesday after Washington reinstated sanctions on Iranian crude sales and the United States and Iran exchanged fresh strikes.
The escalation renewed concerns over shipments through the Strait of Hormuz, a critical route for global energy supplies.
Brent and WTI climb
Brent crude futures gained 3.2% to reach $76.56 a barrel, while US West Texas Intermediate crude rose by the same percentage to $72.70.
Both benchmarks had already advanced by about 3% on Tuesday, after the US revoked the general licence that had authorised the sale of Iranian oil.
Tanker attacks raise supply concerns
The US decision followed attacks against three commercial vessels transiting the Strait of Hormuz. The incidents, which included damage to a Qatari liquefied natural gas tanker and a Saudi-flagged crude oil tanker, drew condemnation from Gulf states.
US Central Command said the subsequent American strikes against Iran were launched in response to the attacks on the vessels. Iran later targeted US military sites in Bahrain and Kuwait.
The renewed confrontation has increased uncertainty over the security of the Strait of Hormuz and the flow of oil and gas supplies from the Middle East.
