Brent crude rises above $92 amid Gulf tensions

Oil prices rose in Asian trading on Wednesday as tensions in the Gulf affected markets. Brent crude was up 1.2 percent at $92.09 a barrel at about 0130 GMT, its highest intraday level since June 11. West Texas Intermediate, the main US oil benchmark, rose 1.1 percent to $85.23.

The report linked the rise to Iran targeting US radar and air defence installations in the Gulf. Iran stepped up attacks in the Middle East on Tuesday after its war with the United States resumed.

Iran said it had attacked and stopped two “non-compliant oil tankers” that were trying to pass through the Hormuz strait. Tehran has tried to blockade the strait as leverage since the US-Israeli attack in February that started the war. Before the war, a fifth of the world’s oil supplies transited through the strait.