Oil prices rose modestly during Wednesday trading amid growing concerns over supply disruptions, as US strikes continued on targets in Iran and Kuwait intercepted Iranian drones.

Brent crude futures rose 0.55%, or 50 cents, to $91.51 per barrel, while West Texas Intermediate crude increased 0.36%, or 30 cents, to $84.64, in what was described as weak trading, after prices yesterday reached their highest levels in five weeks.

Concerns in oil markets intensified after the Houthi group threatened to target Saudi oil tankers in the Bab el-Mandeb strait, which has become a crucial maritime passage for Saudi oil exports.

On the US front, the Secretary of Defense announced that the cost of military operations against Iran reached $37.5 billion, while data from the American Petroleum Institute showed a rise in crude and distillate inventories, against a decline in gasoline inventories, ahead of the release of official inventory data.