Oil prices jump over 7% as Middle East chaos flares up, brent crude back at $90

Oil prices surged over seven percent on Wednesday amid renewed Middle East military actions. This rally was also supported by industry data showing a drawdown in US crude inventories. Renewed strikes involving the United States and Iran-backed groups reignited supply concerns. Disruptions continued to affect shipping through the Strait of Hormuz and Bab el-Mandeb. Analysts expect oil prices to remain volatile in the near term due to ongoing conflict.