Oil prices jumped more than 3% on Wednesday as tensions in the Middle East ‌escalated following US and Saudi strikes in Iraq and an intercepted Iranian missile attack on US forces, while US crude inventories fell. “Renewed military ​strikes in the Middle East and Iranian officials reiterating that they want to control shipping activity ​through the Strait of Hormuz amid depressed oil flows through the Strait are lifting oil ⁠prices again,” said UBS analyst Giovanni Staunovo. The United States and Saudi Arabia launched strikes on Iran-backed groups in Iraq ​on Wednesday, blaming them for drone attacks on Saudi oil facilities. The strikes came hours after the US military said it ​had averted a surprise Iranian attack on US troops in the region. “We believe Brent oil prices will continue to whipsaw in the $80-$100 per barrel range in the near term as the conflict ebbs and flows in the Middle East,” said Suvro Sarkar, head of energy research at ​DBS Bank.