Oil nears $100 per barrel as Iran strikes US air base in Jordan

Oil prices moved closer to the $100-a-barrel mark on Wednesday, rising more than 1% for a fourth straight session as renewed tensions between US-Iran and continued to rattle the crude market.

Brent crude rose 1.47% to $99.36 a barrel, while US West Texas Intermediate climbed 1.54% to $94.46.

The latest exchange of strikes has pushed the conflict into another phase of escalation. Iran launched missiles towards US targets in Jordan after the US military destroyed five Iranian oil tankers on Tuesday in response to attacks on its warships.