Oil prices rose on Wednesday on fears that the conflict in the Middle East could turn into a wider war and disrupt oil supplies from its main production region after Iran fired ballistic missiles at Israel.
Brent crude futures rose more than $74.56 a barrel, while U.S. West Texas Intermediate crude rose 88 cents, or 1.26 percent, to $70.71 a barrel, down slightly from a rise of more than a dollar earlier in the session.
Both benchmarks jumped more than 5 percent during trading on Tuesday. A ministerial committee of OPEC and its allies led by Russia, known as the OPEC+ alliance, will meet later in the day to review the market situation, with no policy changes expected. OPEC+ is due to raise output by 180,000 bpd from December.
