Oil prices rose after Iran attacked energy facilities across the Middle East, as well as the world's largest liquefied gas plant in Qatar, Ras Laffan.
This was reported by Economic Pravda with reference to Reuters.
The report said that Brent futures rose by USD 4.66, or 4.3%, to USD 112.04 per barrel, after an earlier rise of more than USD 5 to USD 112.86 per barrel.
US West Texas Intermediate (WTI) crude rose by 96 cents, or 1%, to USD 97.28 a barrel, after an increase of more than USD 3.
Brent ended trading up 3.8% on Wednesday, while WTI closed almost unchanged.
WTI is trading at its biggest discount to Brent in 11 years due to the release of US strategic reserves and higher transportation costs, while new attacks on Middle Eastern energy infrastructure have provided additional support for Brent.
"The escalation in the Middle East, targeted strikes on oil infrastructure and the demise of Iranian leadership point to a prolonged disruption in oil supplies," Phillip Nova analyst Priyanka Sachdeva wrote in a note.
The US central bank left interest rates unchanged on Wednesday, forecasting higher inflation as officials assess the impact of the US-Israeli war against Iran.
"Adding fuel to the fire, the Federal Reserve left rates unchanged but with tough rhetoric, pointing to economic concerns arising from the war," Sadcheva said.
Also on Wednesday, QatarEnergy said that Iranian missile strikes on Ras Laffan, home to Qatar's key liquefied natural gas processing facilities, caused "extensive damage" to its energy hub.
In turn, Saudi Arabia said that on Wednesday it had intercepted and destroyed four ballistic missiles launched towards Riyadh, as well as a drone that tried to attack a gas facility.
As Ukrainian News Agency earlier reported, oil prices fell by more than USD 2 per barrel on Wednesday, March 18, after the Iraqi government and Kurdish authorities reached an agreement to resume oil exports through the Turkish port of Ceyhan, which somewhat eased concerns about supplies from the Middle East.
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