Oil rises 1%, as US-Iran strikes risk limiting already impaired supplies

Brent crude prices ​rose 1% in a volatile session on Wednesday, driven by renewed military strikes between the U.S. and Iran that have ‌restricted world oil supply.

The U.S.-Iran war is now in its seventh month, with the recent attacks representing the biggest exchange of fire between Tehran and Washington since July. U.S. forces struck Iran's southern coast and Iran fired on American bases across the region.

Brent crude futures rose $1.12, or 1.2%, to $95.76 a barrel by 1:06 ​p.m. ET (1706 GMT). U.S. West Texas Intermediate crude futures were up 92 cents at $91.18.

Brent and WTI swung between gains of as much ​as $2 a barrel and losses of $1 a barrel throughout the session. The session highs for both benchmarks were the highest since July ⁠24.

The war began with joint U.S.-Israeli strikes on Iranian targets in late February. Since then, Iran has effectively shut down shipping traffic in the Strait of ​Hormuz, a critical waterway that carried about a fifth of global oil and LNG consumed before the conflict.