Seoul: Oil prices rose nearly 1% in early Asian trading today, extending sharp gains from the previous session, as renewed US-Iran hostilities heightened fears of disruptions to crude supplies from the Middle East. Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained 80 cents, or 0.89%, to $91.02 a barrel. Both benchmarks surged more than $4 on Tuesday, with Brent settling at its highest level since July 24 and WTI at its highest since July 23. Brent rose $4.16, or 4.6%, while WTI gained $4.46, or 5.2%.

According to Oman News Agency, the latest gains came after the United States and Iran exchanged strikes overnight, reviving concerns over the security of oil flows through the Strait of Hormuz and raising doubts about a quick de-escalation of the conflict.