Oil Price Up More Than 3% After Iran Attacks

Oil prices jumped more than three percent in early Asian trade on Wednesday after the US military said it had intercepted multiple missiles launched by Iran.

At around 0015 GMT, US benchmark West Texas Intermediate was up 3.67 per cent at $82.17 a barrel, while North Sea Brent crude had gained 3.39 per cent to $86.94.

Trump expressed hope that renewed diplomacy could bring an end to the war that began in late February.

“I have a lot of patience… We’ll see what happens,” he said aboard Air Force One. “I think there is a good chance that something could happen.”

Reports said Oman and Iran were trying to reach an agreement to restart shipping through Hormuz, a route which normally carries around a fifth of global oil and LNG.