As of 4:06 a.m. GMT, Brent crude futures rose 66 cents, or 0.7%, to $92.11 per barrel. U.S. West Texas Intermediate futures gained 60 cents, or 0.7%, to $88.80 per barrel.
Priyanka Sachdeva, senior market analyst at Phillip Nova, said the latest attacks had refocused traders’ attention on war-related risks and potential supply disruptions.
“Although diplomatic efforts are ongoing, the latest exchanges of strikes have again raised the geopolitical risk premium in oil markets,” Sachdeva said.
U.S. crude inventories fell by 9.12 million barrels last week, while gasoline stocks declined by 1.19 million barrels.
U.S. President Donald Trump earlier announced a large-scale humanitarian mission to evacuate foreign vessels trapped in the Strait of Hormuz. The initiative is intended to remove civilian ships and crews from the dangerous area, where fighting continues in the Middle East.
The United Arab Emirates also announced its withdrawal from OPEC and OPEC+, dealing a major blow to the oil exporters’ groups and their de facto leader, Saudi Arabia, as the war with Iran triggers a historic energy shock and weighs on the global economy.
Iran has attacked several vessels in the Strait of Hormuz, while Trump has threatened to “wipe Tehran off the face of the earth.”
Oil prices rose nearly 1% on May 12 as talks to end the U.S.-Israeli war against Iran remained fragile and Tehran’s response to Washington’s proposal showed significant differences.
Brent prices also rose in Asian trading on May 26 after U.S. forces carried out strikes on Iran.
Oil prices fell on June 2 after a sharp increase in the previous session, as markets remained cautious about progress in U.S.-Iran peace talks.