Global oil prices climbed toward $95 a barrel on Wednesday after overnight US strikes on Iranian air defence and radar sites renewed fears of disruption near the Strait of Hormuz.
i24NEWS reported that the move erased a brief market pause after crude had fallen to a seven-week low a day earlier. The outlet said wholesale gasoline futures also rose as crude prices advanced.
The strikes followed the downing of a US Army Apache helicopter off Oman, near the Strait of Hormuz. Axios reported that US Central Command said both crew members were rescued and were in stable condition.
MarketWatch reported that President Donald Trump said the United States had to respond after Iran shot down the helicopter. The report said crude oil prices and energy stocks rose after the announcement.
The Strait of Hormuz remains the key risk for energy markets because it carries a major share of global petroleum and liquefied natural gas flows. i24NEWS said analysts warned that any shipping gridlock there could add pressure to retail fuel prices.
Read: Oil Prices Fall As Iran, Israel Halt Attacks
The US national average for regular gasoline had stabilised near $4.16 a gallon before the latest strikes, according to i24NEWS. Analysts cited by the outlet said a broader disruption could push crude oil prices above $100 a barrel.
