Crude oil price ascends after fresh US strikes, WTI above $91/bbl, Brent above $96/bbl

Crude oil prices climbed nearly 1% on Wednesday as US-Iran conflict escalated sharply with overnight airstrikes exchanged between the two countries, raising fears of supply disruptions. Brent crude futures rose 0.92% to 95.52 dollars a barrel after gaining 4.6% on Tuesday, while WTI futures advanced 0.89% to 91.02 dollars a barrel. The Strait of Hormuz, which accounted for about one-fifth of global oil consumption before the conflict, has effectively been shut to commercial shipping by Iran, adding to supply concerns.