Oil prices rose further in Asian trading on Wednesday, with Brent crude nearing $100 per barrel, following reports that the US military had targeted five Iranian oil tankers in the latest escalation of tensions in the Middle East.
The gains extended recent upward momentum in energy markets as investors assessed the potential impact of the developments on global oil supply and regional stability.
Brent close to $100 per barrel
At around 03:15 Cyprus time, Brent crude for November delivery was up 1.49% at $99.38 per barrel.
During the previous trading session, Brent reached as high as $99.46 per barrel before easing slightly towards the close.
WTI also advances
The US benchmark, West Texas Intermediate (WTI) crude for October delivery, rose 1.59% to $94.51 per barrel.
Both benchmarks continued to gain ground amid heightened concerns over energy supplies linked to developments in the Middle East.
Market reacts to regional tensions
The price increases followed an announcement by the US military that it had carried out strikes against five Iranian oil tankers.
Market participants are closely monitoring the situation for any further escalation that could affect oil production, transportation routes or broader energy markets.
