- Brent crude futures rose 5.2% to $88.46 a barrel in early trade
- Tensions in the Middle East raised fears of oil supply disruptions
- Iran launched a ballistic attack on US military sites in Jordan
Brent crude futures surged 5.2% to $88.46 a barrel in early trade as escalating Middle East tensions heightened fears of supply disruptions.
Oil prices started edging higher after Iran's ballistic attack on US military installations in Jordan earlier on Wednesday, and jumped sharply after US President Donald Trump warned of a "hard hit" on Iran in its retaliation.
Investor sentiment was further rattled after Tehran rejected an Omani proposal to restore shipping through the Strait of Hormuz, fuelling concerns over potential disruptions to global oil flows.
(This is a developing story)
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