Oil prices rise again as US and Iran exchange strikes

World oil prices rose in early trading on Wednesday after the United States and Iran exchanged fresh military strikes, reducing hopes that tensions in the Middle East would ease quickly, ERR reported.

Brent crude futures gained 1.1 percent to more than 95 dollars a barrel. West Texas Intermediate futures traded in New York rose 0.7 percent to 90.80 dollars.

Both benchmarks climbed by more than four dollars on Tuesday, recording their biggest increase since July 24.

US President Donald Trump said gasoline prices would fall as soon as the war ended. “Gasoline prices will go down. As soon as the war is over, they will fall like a rock. There is so much of it everywhere, sitting all over the world’s oceans,” Trump said. He added that the consequences would be very different if Iran acquired and used a nuclear weapon.