Oil prices have surged over 2% on due to mounting concerns over the potential escalation of tensions in the Middle East, which could disrupt crude production in the region following Iran’s military action against Israel.
Brent futures rose by $1.63, or 2.2%, reaching $75.19 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $1.70, or 2.4%, hitting $71.53 by 0755 GMT.
Additionally, WTI had previously climbed by over $2.
Both crude benchmarks experienced a more than 5% surge on Tuesday before settling approximately 2.5% higher.
