The international benchmark Brent crude rose almost 5% to hit more than $95 per barrel for the first time in almost six weeks.

Crude oil stocks rose unexpectedly last week by 2 million barrels as imports increased and exports fell, said the U.S. Energy Information Administration.

Oil forecasters are eyeing the risk of a global supply shortage that causes crude to spiral higher as the Iran war re-escalates.

Global crude oil prices jumped over 2 per cent after Iran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea. The escalation heightened fears of supply disruptions, pushin

Brent Crude Oil prices surged over 2 percent and surpassed 96 dollars per barrel, a level last seen 6 weeks ago due to the fresh escalation in the US-Iran conflict.

Michelle Brouhard, Head of Policy and Geopolitical Risk at Kpler, says oil prices could climb above $100 a barrel if both the Red Sea and the Strait of Hormuz are closed. She adds there have been bottlenecks forming in refined oil product shipments,

Trump’s warning comes amid a rise in hostilities between the U.S. and Iran, with the Islamic Revolutionary Guard Corps claiming that they targeted U.S. assets in two Jordanian bases.

Benchmark crude oil is petroleum that serves as a pricing reference, establishing standards for comparison for varieties of crude oil.

U.S. crude oil inventories rose for the first time in 11 weeks, increasing by 3 million barrels, as production and imports increased and exports fell.

Crude oil futures rose to fresh six-week highs on Wednesday, with Brent crude topping $95/bbl, after the U.S. military carried out an 11th consecutive night of attacks on Iran and U.S. Secretary of State Rubio said Iran was not serious about reaching a deal to end the fighting.