Oil prices hit new 2018 highs as missile strikes on top crude exporter Saudi Arabia added to the market's worries about escalating conflict between the United States and Russia in Syria.
Brent, the benchmark for international oil prices, earlier climbed to its highest level in more than three years after President Donald Trump earlier warned Russia to "Get ready" for a U.S. missile attack on Syria, whose government Moscow has backed during its seven-year civil war.
The threat came after the Russian ambassador to Lebanon said his nation's military would intercept American missiles and potentially target the U.S. craft that fired them. The potential American strike follows a suspected chemical attack on the rebel-held city of Douma, allegedly by forces loyal to Syrian President Bashar Assad.
U.S. West Texas Intermediate crude ended Wednesday's session up $1.31, or 2 percent, at $66.70, its best settle since Dec. 3 2014. During the session, WTI rose as high as $67.45, a peak going back to Dec. 4, 2014, when it touched $68.22.
Brent crude was at $72 a barrel, up 96 cents, or 1.4 percent, shortly before its settlement. The contract earlier rose to $73.09, the highest level since Nov. 28, 2014, when it hit $73.41.
John Kilduff, founding partner at energy hedge fund Again Capital, earlier on Wednesday said U.S. crude prices could be heading to $70 after breaking through the previous 2018 high of $66.66.