US military strikes on Iranian targets lift Brent to $92.29
Oil prices climbed on Wednesday, snapping back from recent lows.
Brent crude hit $92.29 a barrel, and WTI reached $88.97, mostly because US military strikes on Iranian targets made people worry about oil supply issues in the Middle East.
This comes right after hopes for a ceasefire between Iran and Israel had briefly pushed prices down.
Strait of Hormuz fears, inventories fall
The US strikes, which followed the downing of an Apache helicopter, sparked fears about possible disruptions in the Strait of Hormuz, a vital route for about 20% of the world's oil.
On top of that, US crude inventories dropped by more than nine million barrels last week (the eighth weekly drop in a row), while gasoline stocks also fell.
With exports rising to make up for conflict-related gaps, these factors are keeping oil markets tight and pushing prices up again.