Brussels: Brent crude prices climbed significantly on Wednesday following the United States' recent military actions in Iran and the revocation of a waiver that previously permitted Tehran to sell oil on the global market. The international benchmark rose over 3.3%, reaching $76.6 per barrel by 0600GMT.

According to Anadolu Agency, Brent crude has increased more than 6% this week as heightened tensions in the Strait of Hormuz have sparked worries about potential disruptions to global energy supplies. The US Treasury Department announced on Tuesday that the Office of Foreign Assets Control (OFAC) revoked Iran-related General License X. This license had allowed the production, delivery, and sale of Iranian oil under Washington's interim agreement with Tehran.

The revocation follows recent attacks on vessels navigating the Strait of Hormuz, including incidents involving a Qatari LNG carrier and a Saudi oil tanker. These events have raised concerns that shipping companies and regional producers might avoid this crucial maritime route. A US official informed CNBC that Iran's actions in the Strait are 'wholly unacceptable' and will face consequences from Washington.

The escalating situation threatens the interim US-Iran peace agreement and has rekindled fears of new disruptions in global energy supplies. The Strait of Hormuz is a vital energy passageway, with substantial volumes of crude oil, petroleum products, and liquefied natural gas passing through its narrow channel.

These developments represent a stark shift from previous expectations of a potential supply surplus, following OPEC+'s decision to increase production quotas and efforts by Middle Eastern producers to boost output.