Global oil prices surged by more than three per cent in early Asian trading on Wednesday after the United States military said it intercepted multiple missiles launched by Iran, heightening fears of further escalation in the Middle East.
As of 0015 GMT, U.S. benchmark West Texas Intermediate (WTI) crude rose 3.67 per cent to $82.17 per barrel, while Brent crude, the international benchmark, climbed 3.39 per cent to $86.94 per barrel.
The market reaction came amid growing concerns that renewed hostilities could disrupt global energy supplies, particularly through the Strait of Hormuz, one of the world’s most critical oil and liquefied natural gas (LNG) shipping routes.
Despite the tensions, U.S. President Donald Trump expressed optimism that diplomacy could still bring an end to the conflict, which began in late February.
“I have a lot of patience… We’ll see what happens,” Trump said aboard Air Force One. “I think there is a good chance that something could happen.”
Meanwhile, reports indicated that Oman and Iran were engaged in discussions aimed at restoring shipping through the Strait of Hormuz, a strategic waterway that normally handles about one-fifth of global oil and LNG exports.
AFP
