🔸Oil prices rose by more than four percent on Wednesday after clashes resumed in the Middle East and concerns increased about energy transfers through the Strait of Hormuz.

🔸By around 3:00 a.m. GMT, the price of West Texas Intermediate crude oil rose 3.67% to $82.17 per barrel, while North Sea Brent oil also rose 3.39%, trading at $86.94.

🔸The jump came after joint U.S. and Saudi attacks on Iran-backed groups in Iraq, Iran’s firing of ballistic missiles toward U.S. forces, and the announcement of the suspension of three tankers in the Strait of Hormuz.

🔸At the same time, shares of technology companies and semiconductor producers in Asian markets fell sharply due to concerns about high valuations in the field of artificial intelligence.