Oil prices climbed for a third session on heightened concerns about prolonged disruptions to energy flows through the vital Strait of Hormuz. This followed an escalation of hostilities between the US and Iran. West Texas Intermediate advanced toward $91 a barrel after jumping 5.2% on Tuesday, the biggest gain in five weeks.

Brent crude settled near $95. President Donald Trump stated the US strikes were in retaliation for Iran trying to lay mines in the strait and for an earlier attack on a military base, warning of further strikes to come if Tehran responded.