Oil prices advanced on Wednesday as tensions in the Middle East continued to raise concerns about regional supply disruptions, while industry data showed a larger-than-expected decline in U.S. crude inventories.
At 09:28 GMT, Brent crude futures gained 1.1% to $109.96 per barrel, while U.S. WTI futures rose 1.2% to $99.01 per barrel.
The increase followed renewed uncertainty surrounding the conflict involving Iran and the movement of oil shipments through the Strait of Hormuz, a major route for global energy exports.
Further military activity could affect oil shipments through the Strait of Hormuz, where maritime traffic has faced restrictions and security risks since the conflict began in February.
Oil prices briefly declined on Tuesday following unconfirmed reports that Qatar and Pakistan had proposed renewed negotiations to end the conflict. Brent fell from approximately $112 to $106 per barrel before recovering.
Continued fighting involving Saudi Arabia and Yemen's Iran-backed Houthi movement has also contributed to uncertainty over regional oil transportation and supply.
Separately, figures from the American Petroleum Institute indicated that U.S. crude oil inventories declined by 4.93 million barrels during the week ended 16 October.
