Oil prices rose by more than $1 in early trading Wednesday, extending gains for a fourth consecutive session as regional tensions escalated following new Iranian attacks on US military facilities in the Gulf.
Brent crude futures rose $1.57, or 1.6%, to $99.49 a barrel by 00:01 GMT, while US West Texas Intermediate gained $1.60, or 1.72%, to $94.63.
Brent has climbed about 25% since the start of August amid fading hopes for a lasting resolution to the six-month-old war and renewed fighting.
US Secretary of State Marco Rubio warned Iran that Washington would continue targeting Iranian oil tankers in response to attempts to attack US warships.
“The more they try to hit US Navy ships, the more oil tankers they will lose,” Rubio told reporters during a visit to Colombia.
The US Central Command said Tuesday that US forces destroyed five Iranian crude oil tankers on September 8, following attempted ballistic missile attacks on a US Navy warship over the previous two days.
Source: Reuters
