Reuters reported that oil prices on Wednesday rose by more than two percent after U.S. airstrikes on IRGC positions and the reinstatement of sanctions on the sale of crude oil by the Islamic Republic. According to the report, the price of Brent oil, by 4:00 a.m. Greenwich Mean Time, increased by $1.92 to reach $76.08 per barrel. U.S. West Texas Intermediate (WTI) oil was also traded up by $1.82 at $72.26. Reuters wrote that the main factor behind the rise in prices was market concern over the collapse of a fragile ceasefire between the U.S. and the Islamic Republic and the possibility of renewed disruptions to energy supplies in the Middle East.