Global oil prices advanced on Wednesday as investors assessed the possibility of a prolonged West Asia conflict following a claimed missile attack on Saudi Arabia's Ras Tanura oil refinery.
International benchmark Brent crude futures climbed 1.58%, to $115.70 per barrel, while US West Texas Intermediate (WTI) crude futures gained 1.50%, to $101.50 per barrel.
The price increase reflected renewed concerns about potential disruptions to energy supplies from the region.
Houthis Claim Of Saudi Refinery Attack
Yemen's Iran-backed Houthi group said on Tuesday that it had launched a ballistic missile attack against Saudi Arabia's Ras Tanura refinery, one of the kingdom's major oil processing facilities.
The claim heightened concerns about the conflict spreading to critical energy infrastructure.
Traders continued monitoring developments across West Asia, with uncertainty surrounding oil shipments keeping a geopolitical risk premium in crude prices.
Meanwhile, US President Donald Trump said the conflict with Iran would conclude on terms acceptable to Washington.
Addressing a campaign rally in Texas on Tuesday, Trump suggested the war could end quickly but insisted that any settlement must prevent Tehran from acquiring nuclear weapons.
His remarks followed earlier statements indicating that Washington was considering diplomatic negotiations alongside the possibility of further military action.
The uncertainty surrounding US policy towards Iran added to volatility in energy markets.
Israel Election Deadlock Adds To West Asia Uncertainty
Political developments in Israel further complicated the regional outlook after preliminary election exit polls indicated a possible parliamentary deadlock.
Neither Prime Minister Benjamin Netanyahu's bloc nor the alliance led by his principal challenger, Gadi Eisenkot, appeared positioned to secure a governing majority.
Initial projections suggested that both camps could fall short of the 61 seats required to control Israel's 120-member parliament.
The results raised the possibility of extended coalition negotiations, potentially delaying clarity over the country's future approach towards Iran.
With geopolitical tensions persisting, investors remained focused on developments affecting Gulf energy infrastructure and the uninterrupted movement of crude oil through regional shipping routes.
