Rabat / Anadolu

Oil prices jumped more than 3 percent on Wednesday, with Brent crude hitting its highest level in nearly 6 weeks, as mutual attacks between the United States and Iran continued to escalate.

Brent crude futures prices recorded around $93.8 per barrel, while U.S. crude futures rose 3.5 percent to around $87.3 per barrel at 8:30 GMT.

Oil prices had not reached this level in about 6 weeks, after declining following the signing of a memorandum of understanding between Washington and Tehran on June 18, then rebounding after the renewed escalation.

The rise in oil prices comes amid volatility in global markets, fears of disruption to energy supplies and rising inflation levels worldwide, against the backdrop of renewed military confrontation between the United States and Iran.

For about two weeks, the United States has been launching waves of strikes on Iran, while the latter responds with attacks on military bases, facilities, and sites it claims are linked to Washington in regional countries.

Earlier on Wednesday, the U.S. Central Command (CENTCOM) announced the completion of the latest wave of strikes on Iran, on the eleventh night of attacks.

The escalation comes despite Washington and Tehran signing a memorandum of understanding in June that included a cessation of hostilities that began on February 28, and the launch of negotiations to reach a broader agreement.

However, U.S. President Donald Trump announced on July 8 the end of the ceasefire after tankers in the Strait of Hormuz were attacked, which Washington accused Tehran of being behind, prompting the United States to resume its strikes inside Iran.

Washington demands that Tehran stop attacking ships and open all routes in the Strait of Hormuz, while Iran insists on subjecting navigation to a mechanism it regulates through the waterway overlooking its coasts, exacerbating fears of disruption to oil and gas exports from the region.

Washington supports the passage of commercial ships through the Strait of Hormuz on a route different from the one set by Iran, which Tehran rejects, affirming that it will target any ship that does not coordinate with it before crossing the strategic strait for global energy supplies.