Oil prices jumped on Wednesday after the US military said it had intercepted Iranian missiles in the Middle East and carried out strikes against pro-Iranian militias in Iraq, signalling a renewed escalation after several days of relative calm.
At around 04:00 Belgian time, the price of a barrel of West Texas Intermediate, the US benchmark, rose 4.43% to $82.77.
Brent crude from the North Sea, the global market benchmark, climbed 4.39% to $87.78 a barrel.
The rise marked a sharp reversal after prices had eased in recent days amid a pause in hostilities between Iran and the United States.
On Tuesday evening, however, the US military said it had intercepted Iranian missiles fired at its bases in the Middle East.
Later in the night, it said it had carried out strikes in Iraq with Riyadh against Iran-aligned groups, while Tehran announced it had detained three oil tankers in the Strait of Hormuz.
That renewed tensions in oil markets, where traders are closely watching the disruption in Hormuz, a strategic waterway through which a fifth of the world’s crude passed before the conflict.
