Oil prices surged nearly 4 percent on Wednesday after U.S. Central Command carried out its 11th consecutive night of strikes against Iran, escalating a conflict that has redrawn energy-market risk premiums this week.
Brent crude futures for September delivery rose to $91.96 a barrel, while WTI climbed to $87.46, marking the first time in over a month that Brent closed above $90. Supply disruptions compounded the rally: Russia's CPC terminal stopped receiving Kazakh oil following tanker attacks, and Lukoil declared force majeure on an Iraqi oilfield it operates.
Secretary of State Marco Rubio said the Strait of Hormuz remains a sticking point in broader tensions. Money markets are now pricing a 69 percent chance of a Federal Reserve rate hike in September as energy-driven inflation fears mount.