Oil prices jumped more than three percent in early Asian trade on Wednesday, after the US military confirmed it had intercepted multiple missiles launched by Iran.
At around 0015 GMT, US benchmark West Texas Intermediate rose 3.67 percent to $82.17 a barrel, while North Sea Brent crude gained 3.39 percent to $86.94.
Speaking aboard Air Force One, President Trump expressed hope that renewed diplomacy could bring an end to the conflict, which began in late February. “I have a lot of patience… We’ll see what happens,” he said, adding, “I think there is a good chance that something could happen.”
Meanwhile, reports indicate that Oman and Iran are working to reach an agreement to restart shipping through the Strait of Hormuz — a route that typically carries around a fifth of global oil and LNG supplies.
