Oil prices rose modestly in Wednesday trading amid escalating 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 rose 0.36%, or 30 cents, to $84.64 per barrel, in what was described as weak trading, after prices hit their highest in five weeks yesterday.

Concerns in oil markets intensified following threats by the Houthi group to target Saudi oil tankers in the Bab el-Mandeb strait, which has become a crucial maritime passage for Saudi Arabia's 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 an increase in crude and distillate stocks, compared with a decline in gasoline stocks, ahead of the official inventory data release.