WASHINGTON (dpa-AFX) - Extending the strong upward move seen over the past several sessions, the price of crude oil has moved sharply higher during trading on Wednesday.
Crude for November delivery has surged $1.20 or 1.3 percent to $95.34 a barrel, moving higher for the fourth straight session.
The jump in crude oil prices comes after a report from the International Energy Agency warned the recent escalation in attacks on regional energy infrastructure and tanker traffic in the Middle East is threatening to derail a recovery in oil supply.
The IEA's October Oil Market Report noted a recovery in Middle East oil supply was well underway in September, with Gulf crude oil exports approaching pre-war levels.
The report also said diesel markets remained under significant strain as prolonged supply disruptions forced counter-seasonal stock draws ahead of autumn refinery maintenance and peak winter demand.
Meanwhile, Saudi Aramco's Dhahran headquarters was hit during a Houthi missile attack on Tuesday, stoking fresh uncertainty over a recovery in energy shipments from the Persian Gulf.
Tehran has intensified attacks on ships sailing through the Strait of Hormuz, although U.S. Central Command claimed it had helped facilitate the passage of more than 19 million barrels of crude though the strategic waterway on Monday.
U.S. President Donald Trump, who is facing growing backlash over his plan to import diesel from Russia, defended the agreement and said the additional supplies would enter the global market and help ease elevated prices.
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