Ammon News - Oil prices gained more than 2% on ​Wednesday after the U.S. military launched airstrikes against Iran and reimposed crude sales sanctions, raising fears their fragile truce ‌was unravelling and Middle East supplies could be disrupted again.

Brent crude futures gained $1.92, or 2.6%, at $76.08 a barrel at 0400 GMT. U.S. West Texas Intermediate crude climbed $1.82, or 2.6%, to $72.26 a barrel.

Both benchmarks rose about 3% on Tuesday after the U.S. revoked the general licence authorising the sale of ​Iranian crude following the Iranian attacks.

The U.S. airstrikes were in response to Iranian attacks on three commercial vessels that were transiting the ​Strait of Hormuz, U.S. Central Command said on Tuesday.

After the U.S. and ​Iran signed their truce agreement last month, oil prices tumbled back to pre-war levels and traders amassed large short positions in oil futures, or bets that ‌prices ⁠would fall further.

Expectations of a wave of pent-up Middle East supply coming onto the market caused the price declines.

Iran did not take responsibility for the vessel attacks, but Qatar blamed Iran for them, including one on a Qatari liquefied natural gas tanker, which reported being struck by a drone that caused a fire in its engine room.

A Saudi-flagged crude oil tanker, believed to be the ​supertanker Wedyan, was also damaged off ​Oman, maritime security sources said. ⁠The cause was not immediately clear.

The attacks renewed concerns about tanker traffic through the Strait of Hormuz, which carried cargoes equal to about one-fifth of global energy supply before the war began ​in February.


Reuters