Oil prices continued to rise, trading near their highest levels in six weeks on Wednesday, as fears of supply disruptions in the Middle East grew due to the escalating war between the United States and Iran.

Brent crude futures rose 3.2 percent to $93.91 a barrel by 02:58 GMT. US West Texas Intermediate crude rose 3.13 percent to $86.96 a barrel.

Both benchmarks touched their highest levels since June 11. The forward price spread for Brent crude between the front-month contract and the contract due three months later widened to $10.89 a barrel, the highest since May 22, reflecting a deepening backwardation—a market structure where spot prices trade at a premium to futures, typically seen as a sign of near-term supply tightness.

The US military announced it had carried out attacks on Iran for the 11th consecutive night. These reciprocal strikes have raised fears of further disruptions to global energy supplies.

President Donald Trump said on Wednesday that the US would bomb and destroy a bridge or a power plant at any time if Tehran targets a ship in the Strait of Hormuz.

Tim Waterer, chief market analyst at KCM Trade, said according to Reuters: 'The energy market is now facing concerns related to two straits, as the Bab el-Mandeb Strait appears to be catching up with the Strait of Hormuz and becoming a hotspot, as traders closely watch shipping movements in the Red Sea.'