Grapevine

Oil prices rise on escalating attacks in the Middle East

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018.

Oil prices rose on Wednesday on fears conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel.

Brent futures rose 83 cents, or 1.13%, to $74.39 a barrel, while U.S. West Texas Intermediate crude rose 88 cents, or 1.26%, to $70.71 at 0029 GMT, coming slightly down from spiking by more than $1 earlier in the session.

During trading on Tuesday, both crude benchmarks jumped more than 5%.

Iran fired more than 180 ballistic missiles at Israel on Tuesday, Israel said, in retaliation for Israel's campaign against Tehran's Hezbollah allies in Lebanon.

Iran, a member of the Organization of the Petroleum Exporting Countries, is a major oil producer in the region.