FILE PHOTO – A board with pictograms stands at a petrol station. Oil prices in Europa are rising significantly due to the war in Iran. (is associated with: «Oil prices climb towards $100 as US-Iran conflict continues») Federico Gambarini/dpa
Oil prices rose further in early trading on Wednesday as fresh attacks between the United States and Iran in the Gulf heightened concerns about energy supplies.
Brent crude, the global benchmark, for November delivery was up more than 1.1% at $99.04 a barrel by early trading. It earlier reached $99.68.
Brent has risen more than 60% this year and is approaching $100 a barrel for the first time since late July. Refined products such as diesel have risen even more sharply as the conflict in the Middle East has spread into the Red Sea near Saudi Arabia, adding to the war between Russia and Ukraine.
European natural gas prices also rose for a fourth straight trading day following the latest US strikes.
Fighting between the United States and Iran over control of the Strait of Hormuz has escalated further in recent days. The waterway is a major route for shipments of oil, liquefied natural gas and fertilizer.
The US military said it had destroyed five Iranian crude oil tankers and sunk one of them in retaliation for Iranian attacks on a US warship. Iran’s Islamic Revolutionary Guard Corps (IRGC) said they responded immediately with heavy missile attacks on Jordan, a US ally. Jordan’s state news agency Petra said the country’s armed forces intercepted 20 ballistic missiles.