Oil prices rose more than 2% on Wednesday after US strikes in southern Iran and renewed crude sales sanctions raised fears of fresh Middle East supply disruption.
Brent crude futures rose $1.92, or 2.6%, to $76.08 a barrel at 0400 GMT. US West Texas Intermediate climbed $1.82, or 2.6%, to $72.26.
Both benchmarks gained about 3% on Tuesday after Washington revoked a general licence that had authorised Iranian crude sales following Iranian attacks.
ING commodity strategists said the licence revocation did not change oil market fundamentals but raised sentiment risks around the temporary US-Iran deal.
US Central Command said Tuesday’s airstrikes responded to Iranian attacks on three commercial vessels transiting the Strait of Hormuz.
Read: US Strikes Iran After Strait of Hormuz Attacks
Saul Kavonic, head of research at MST Marquee, said the escalation reminded markets how fragile passage through the Strait remained. Kavonic said sustained tensions and tanker traffic below 50% of pre-war levels could support higher oil prices through supply constraints.
The Strait of Hormuz carried cargoes equal to about one-fifth of the global energy supply before the war began in February.
Qatar blamed Iran for attacks that included a strike on a Qatari liquefied natural gas tanker. Iran did not claim responsibility.
Maritime security sources said a Saudi-flagged crude tanker, believed to be the supertanker Wedyan, was also damaged off Oman. The cause was not immediately clear.
