U.S. oil prices surged Wednesday after the U.S. military launched strikes against Iran, heightening tensions in the Persian Gulf.
The strikes were a direct response to Iranian attacks on three commercial vessels in the Strait of Hormuz, according to U.S. Central Command.
West Texas Intermediate crude jumped 2.8 percent to $72.39 a barrel in early Asian trading. The rally extended gains from the prior session after the U.S. revoked a general license for Iranian crude sales.
Qatar blamed Iran for the attacks, which damaged a massive Qatari LNG tanker, the Al Rekayyat. A Saudi-flagged supertanker was also reportedly damaged off the coast of Oman.
The events have renewed fears of major disruptions to critical oil tanker traffic through the strategic Strait of Hormuz.