Crude oil prices climb again after renewed US-Iran tensions

Global oil prices rose on Wednesday after reports emerged that the United States had carried out fresh military strikes on an Iranian military site, fuelling concerns about instability in the Middle East.

According to Reuters, the US military launched new strikes targeting an Iranian facility, though details about the location and extent of the operation remain limited.

Following the report, brent crude futures climbed more than one percent to above $93 a barrel, while US crude futures rose to more than $90 a barrel.

The gains came after oil prices had earlier settled at their lowest levels since April 17, amid cautious optimism surrounding diplomatic efforts between the US and Iran.

The latest rise reflects growing market fears that escalating tensions between the US and Iran could further disrupt energy supplies, particularly around the Strait of Hormuz, a critical route for global oil shipments.

US President Donald Trump has recently intensified pressure on Iran through sanctions and military warnings, while Tehran has continued to signal resistance to US demands over its nuclear programme and regional activities.