Crude oil prices turned to gains on Wednesday, with Brent futures rising by more than 4.5% as traders digested the latest reports from the Iranian media, which claimed that the country’s Asaluyeh refinery and South Pars, Iran’s portion of the world’s largest gas field, came under attack earlier today, with several phases being hit and removed from the circuit at both sites.
Brent for deliveries in May jumped by 4.68% to $108.51 per barrel at 9:00 am ET. Meanwhile, West Texas Intermediate (WTI) for April’s settlements increased by 1.75% and went for $97.89 per barrel at 8:57 am ET.