Oil prices climbed nearly 2% on Wednesday as renewed US airstrikes on Iran and fresh sanctions on Tehran's oil exports reignited concerns over supplies from the Middle East after attacks on commercial vessels in the Strait of Hormuz.

Oil prices rose sharply on Wednesday after the United States launched fresh military strikes against Iran and 

Brent crude futures climbed to $76.08 a barrel, while US West Texas Intermediate (WTI) crude rose to $72.26 a barrel in early trading, extending gains after both benchmarks rallied around 3% in the previous session.

The latest gains came after US Central Command said it had carried out strikes on more than 80 targets across Iran, including coastal radar installations, anti-ship missile sites and more than 60 Islamic Revolutionary Guard Corps fast boats operating in and around the Strait of Hormuz. Washington said the operation was launched after Iranian forces attacked three commercial vessels transiting the strategic waterway, which carries roughly one-fifth of global oil consumption.

The US simultaneously reimposed sanctions on Iranian crude sales, increasing concerns that tensions could once again disrupt exports from one of the world's most important energy-producing regions.

Market sentiment has shifted rapidly after traders had begun pricing in lower geopolitical risk following last month's ceasefire agreement between Washington and Tehran. Renewed military action has revived fears that tanker traffic through the Strait of Hormuz could be disrupted, with reports indicating vessel movements remain well below pre-conflict levels.

Analysts said the latest escalation has restored a geopolitical risk premium to crude markets, with investors closely watching whether the conflict spreads further or affects oil infrastructure and shipping lanes.