Oil Prices Surge on Fresh Middle East Strikes and API Crude Draw

Oil prices spiked in early Asian trade on Wednesday, erasing a significant portion of Tuesday's selloff on the back of renewed hostilities in the Middle East and a bullish U.S. inventory report from the API.

At the time of writing, Brent crude had climbed to $87.95 per barrel, up 4.59%, while West Texas Intermediate was trading at $82.89, up 4.58%.

Oil prices had been tumbling since the U.S. brought an end to 13 consecutive nights of attacks on Iran last Thursday, with both sides playing up hopes of a diplomatic breakthrough.

Those hopes were significantly…