Doha: Oil prices gained more than 3% on Wednesday amid escalating tensions in the Middle East. Brent crude futures increased by $2.40, or 3.2%, reaching $76.56 a barrel. Similarly, US West Texas Intermediate crude climbed $2.26, or 3.2%, to settle at $72.70 a barrel.

According to Qatar News Agency, both benchmarks experienced a rise of about 3% on Tuesday following the US decision to revoke the general license authorizing the sale of Iranian crude oil. This development has reignited concerns over potential supply disruptions, contributing to the recent surge in oil prices.