Oil prices rose by more than $1 on Wednesday, driven by escalating Middle East tensions that fuelled fears of supply disruptions, alongside falling US crude and product inventories that lent support to the market.
Brent crude futures increased $1.61, or 1.5 percent, to $110.40 per barrel as of 09:30 a.m. Saudi time. US West Texas Intermediate crude gained $1.45, or 1.5 percent, to $99.27 per barrel.
In the previous trading session, prices had fallen after Iran’s president discussed mediation efforts in a meeting with Pakist