Global oil prices climbed by more than three per cent during early Asian trading on Wednesday after the United States military said it intercepted several missiles launched by Iran, heightening concerns over escalating tensions in the Middle East.

As of 0015 GMT, US benchmark West Texas Intermediate (WTI) crude gained 3.67 per cent to trade at $82.17 per barrel, while Brent crude, the international benchmark, rose 3.39 per cent to $86.94 per barrel.

The sharp increase reflects market fears that renewed hostilities in the region could disrupt global energy supplies, particularly through critical shipping routes.

Despite the growing tensions, US President Donald Trump expressed optimism that diplomatic efforts could still help resolve the conflict, which reportedly began in late February.

“I have a lot of patience… We’ll see what happens,” Trump told reporters aboard Air Force One. “I think there is a good chance that something could happen.”

Meanwhile, reports indicate that Oman and Iran are working toward an agreement to restore shipping through the Strait of Hormuz, a strategic waterway that carries about one-fifth of the world’s oil and liquefied natural gas (LNG) exports.

The latest developments have kept global energy markets on edge, with analysts warning that any disruption to oil exports through the Gulf could have significant consequences for global oil prices and energy supply.