Oil rises in early trade on renewed supply-disruption concerns after Iran launched a surprise ballistic-missile attack on American forces in the Middle East, the U.S. military said, marking a sudden escalation after four days without strikes from either side.

Iran's attacks came just hours after President Trump said the U.S. would restart strikes against Iran if a ceasefire deal couldn't be reached. Also, Iran said on Tuesday that it rejected an Omani plan for resuming traffic in the Strait of Hormuz, presenting its own proposal that would give Tehran more control over shipping in the key waterway.

Front-month WTI crude oil futures are 4.1% higher at $82.53 per barrel, reflecting heightened fears of supply interruptions in the critical energy corridor.