Oil prices increased in Asian trading on Wednesday as rising tensions between Iran and the United States created concerns over global energy supplies.
Brent crude reached its highest level in more than a month after Iran targeted US radar and air defense installations in the Gulf.
Brent crude prices rose 1.2% to $92.09 per barrel around 0130 GMT. This marked the highest intraday level since June 11.
Meanwhile, West Texas Intermediate (WTI), the main US oil benchmark, also increased. It gained 1.1% to $85.23 per barrel.
Iran Conflict Impacts Global Oil Markets
The rise in oil prices came after Iran increased its military actions in the Middle East.
Iran resumed attacks on Tuesday following the restart of its conflict with the United States.
Moreover, Tehran claimed it targeted and stopped two “non-compliant oil tankers” attempting to pass through the Strait of Hormuz.
The waterway remains one of the world’s most important energy routes. Before the conflict began, around one-fifth of global oil supplies passed through the strait.
Strait of Hormuz Raises Supply Fears
Iran has attempted to restrict movement through the Strait of Hormuz as part of its response to the US-Israeli attack that triggered the conflict in February.
The situation has increased fears among traders about possible disruptions to oil shipments.
Therefore, investors are closely monitoring developments in the region. Any further escalation could create additional pressure on global crude supplies.
Energy markets often react quickly to geopolitical conflicts, especially when they involve major oil-producing regions.
As tensions continue, analysts expect oil prices to remain sensitive to military developments and supply concerns in the Middle East.
