Investors fear that if the conflict is prolonged, oil supply from the Middle East to the global market could be disrupted. Concerns over ship movement in the crucial Strait of Hormuz in particular have increased supply risks in the oil market.
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Oil prices rise again in global market
On Wednesday, Brent crude rose 87 cents or 0.92 percent to $95.52 per barrel in the international market. At the same time, US benchmark WTI crude rose 80 cents or 0.89 percent to $91.02 per barrel.
Earlier on Tuesday, prices of both types of crude oil had risen by more than $4 per barrel.
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According to analysts, if the conflict escalates further, concerns over oil supply could intensify. This is likely to increase uncertainty in the global energy market as well as the military situation in the Middle East.