Oil prices jump over 7% as Middle East chaos flares up, brent crude back at $90

 Oil prices surged over seven percent on Wednesday amid renewed Middle East military actions. This rally was also supported by industry data showing a drawdown in US crude inventories. Renewed strikes involving the United States and Iran-backed groups reignited supply concerns. Disruptions continued to affect shipping through the Strait of Hormuz and Bab el-Mandeb. Analysts expect oil prices to remain volatile in the near term due to ongoing conflict. Oil prices surged over seven percent on Wednesday amid renewed Middle East military actions. This rally was also supported by industry data showing a drawdown in US crude inventories. Renewed strikes involving the United States and Iran-backed groups reignited supply concerns. Disruptions continued to affect shipping through the Strait of Hormuz and Bab el-Mandeb. Analysts expect oil prices to remain volatile in the near term due to ongoing conflict.