Oil prices rose nearly 2% on Wednesday after the United States launched airstrikes against Iran and reinstated sanctions on Iranian crude exports, fueling concerns that the fragile ceasefire between the two countries could collapse and disrupt Middle Eastern oil supplies.
The US military said the strikes were carried out in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz, a vital shipping lane for global energy exports.
Brent crude futures climbed $1.38, or 1.9%, to $75.54 a barrel, while US West Texas Intermediate (WTI) crude gained $1.37, or 1.9%, to $71.81 a barrel by 0128 GMT.
Both benchmarks had already advanced about 3% on Tuesday after Washington revoked the general license allowing the sale of Iranian crude following the attacks.
Analysts said renewed tensions have highlighted the vulnerability of the Strait of Hormuz, where any disruption to shipping could tighten global oil supplies and push prices higher.
Oil prices had retreated to pre-conflict levels after the United States and Iran agreed to a truce last month, with traders building sizeable short positions on expectations that increased Middle Eastern exports would lead to an oversupplied market.
