Brent crude

Oil prices climbed on Wednesday as traders weighed the threat of US Gulf production disruptions from an approaching hurricane alongside escalating attacks on Saudi Arabia and rising Middle East crude supplies

The results come at a highly volatile time for global oil markets as the US-Israeli tensions with Iran has led to a near-closure of the Strait of Hormuz

Global financial markets have been rattled by the conflict, with both the emerging market equities and currency indexes falling to three-week lows

OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equivalent to about 2.5 per cent of global demand