Global oil prices climbed more than three percent in early Asian trading on Wednesday after the US military said it intercepted multiple missiles launched by Iran, raising fresh concerns over stability in the Middle East.
At about 0015 GMT, US benchmark West Texas Intermediate (WTI) rose 3.67 percent to $82.17 per barrel, while Brent crude gained 3.39 percent to $86.94 per barrel.
The gains came as investors reacted to renewed geopolitical tensions, with fears that further escalation could disrupt global energy supplies.
Despite the heightened tensions, US President Donald Trump expressed optimism that diplomatic efforts could still help end the conflict, which began in late February.
“I have a lot of patience… We’ll see what happens,” Trump said aboard Air Force One.
“I think there is a good chance that something could happen.”
Meanwhile, reports indicated that Oman and Iran were working to reach an agreement that would allow shipping to resume through the Strait of Hormuz, one of the world’s most important energy transit routes.
The strategic waterway carries about 20 percent of global oil and liquefied natural gas (LNG) shipments, making any disruption a major concern for international energy markets.
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