Oil prices surged on Wednesday, with Brent crude rising above $100 a barrel after reports that at least three container ships were hit by gunfire in the Strait of Hormuz.
At 15:35:43 IST, real-time data from Investing.com showed Brent crude futures up $1.59, or 1.6%, at $100.07 a barrel.
At 15:37:06 IST, West Texas Intermediate crude futures were up $1.51, or 1.7%, at $91.18. Both benchmark contracts had already gained about 3% on Tuesday.
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According to Reuters, maritime security sources and the United Kingdom Maritime Trade Operations said at least three container ships were fired upon in the Strait of Hormuz on Wednesday.
Iran has imposed restrictions on shipping through the strait following US-Israeli strikes and in response to what Tehran described as a US blockade of Iranian ports.
Earlier on Wednesday, Donald Trump said he would indefinitely extend the ceasefire with Iran, hours before it was due to expire, to allow negotiations to continue.
However, it remains unclear whether Iran or Israel will agree to prolong the truce. There was no immediate response from senior Iranian leaders.
The Strait of Hormuz typically carries about 20% of global oil and liquefied natural gas supplies, making any disruption a major risk for energy markets.
Reuters also reported that later on Wednesday, the US Energy Information Administration is due to release inventory data. Market sources citing American Petroleum Institute figures said crude inventories fell by 4.5 million barrels last week, while gasoline and distillate stocks also declined.
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