Global oil prices climbed on Wednesday as escalating Middle East tensions raised fears of supply disruptions, while declining U.S. crude inventories added upward pressure.
Brent crude futures rose 1.5% to $110.38 a barrel, while U.S. West Texas Intermediate gained 1.4% to $99.18.
Prices had eased in the previous session amid hopes for diplomatic mediation involving Iran, but uncertainty over negotiations continued to unsettle markets.
Maritime security risks have also increased, with at least 18 vessel attacks reported over two weeks, according to ship-tracking firm Kpler. Analysts warned that threats to tankers beyond the Strait of Hormuz could disrupt crude shipments across the Gulf.
The Houthis also claimed attacks on Saudi energy facilities and airports, while fighting in Yemen intensified.
Meanwhile, U.S. officials said they were working with international refiners to increase fuel production amid rising diesel prices.
U.S. crude inventories fell by 4.9 million barrels in the week ending October 16, according to market sources citing data from the American Petroleum Institute.
