London (HRNW)- Global oil prices rose further after fresh overnight military strikes between the United States and Iran intensified concerns over escalating tensions in the Middle East and possible disruptions to regional oil supplies.
According to Reuters, Brent crude rose 75 cents, or 0.8 percent, to $95.40 per barrel in early trading, while US West Texas Intermediate (WTI) crude gained 44 cents, or 0.5 percent, to $90.66 per barrel.
The increase followed a sharp rally on Tuesday, when both major crude benchmarks climbed by more than $4. Brent recorded its largest daily gain since July 24, while WTI posted its biggest increase since July 23.
Investors remain concerned that a further escalation in hostilities could disrupt oil production and shipments from the Middle East, a critical region for global energy supplies. Any disruption to major shipping routes could place additional upward pressure on crude prices.
Market analysts expect oil prices to remain volatile as investors closely monitor developments between the United States and Iran and assess the potential impact on regional energy infrastructure and transportation routes.
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