Crude oil prices rose for a fourth consecutive session on Wednesday, gaining nearly 2 per cent or more than $1 a barrel, as fresh attacks involving Iran, the United States and Saudi Arabia heightened concerns over potential supply disruptions in the Gulf.
Brent crude gained as much as 1.79 per cent, or $1.76, to trade near $100 a barrel, while US West Texas Intermediate (WTI) crude rose 1.88 per cent, or $1.75, to $94.78 a barrel.
Brent prices have climbed more than 20 per cent since early August as hopes for a permanent resolution to the six-month-old conflict have faded and fighting has intensified across the region.
Both benchmarks remained in technically overbought territory. Brent’s previous close was its highest since July 23 for a second consecutive session, while WTI settled at its highest level since June 4.
The latest surge followed reports that Iran-backed Houthi forces in Yemen attacked four cities in southern Saudi Arabia, a US ally, on Tuesday, injuring more than 70 people and setting oil installations on fire.
Saudi warplanes reportedly carried out airstrikes in Yemen’s Jubah district, east of the capital Sanaa, and in Taiz province in the southwest.
Iran’s Islamic Revolutionary Guard Corps said it had attacked two US destroyers and a US military base in Jordan’s Al Azraq with ballistic missiles in retaliation for US strikes on Iranian oil tankers.
Jordan’s air-defence systems intercepted 18 of 20 ballistic missiles launched from Iran, while two landed in unpopulated areas, with no casualties reported, state media said, citing the military.
US Secretary of State Marco Rubio warned Iran that Washington would continue striking Iranian oil tankers in retaliation for attacks on US warships.
“Iran continues to attempt attacks on US naval ships and for every time they do that or try to do that they’re going to lose tankers,” Rubio told reporters during a visit to Colombia.
