Oil prices edged higher in early Wednesday trading as supply disruption concerns deepened following a further escalation in the US-Iran conflict.
Brent crude futures rose 0.55%, or $0.50, to $91.51 per barrel. West Texas Intermediate gained 0.36%, or $0.30, to $84.64, in thin trading.
The moves follow Tuesday’s settlement, when prices hit a five-week high after US forces struck targets in southern and western Iran. Tehran responded with attacks on American facilities in Bahrain, Kuwait, and Jordan.
The US military announced its latest round of strikes late Tuesday US time, or early Wednesday in Iran, shortly after Kuwait’s military said its air defences had intercepted Iranian drones over the country.
US Secretary of Defense Pete Hegseth said the American campaign against Iran has so far cost $37.5 billion, roughly $8 billion more than the last publicly stated estimate.
Market sources, citing data from the American Petroleum Institute, said US crude and distillate inventories rose last week while gasoline stocks fell. Official inventory figures from the Energy Information Administration were due later Wednesday.
