Global crude oil prices surged more than 3 per cent today on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran’s biggest-ever military blow against Israel.

Brent futures reached their highest in a month, leaping 2.42 dollars, or 3.3 per cent, to 75.98 dollars a barrel. US crude also spiked 2.47 dollars, or 3.5 per cent, to 72.30 dollars. This comes after an over 5 per cent surge on Tuesday.

Iran said early on Wednesday that its missile attack on Israel was over barring further provocation, while Israel and the U.S. promised to retaliate against Tehran as fears of a wider war intensified. Tehran said any Israeli response to the attack, which Israel said involved more than 180 ballistic missiles, would be met with “vast destruction”.

The United Nations Security Council scheduled a meeting about the Middle East for Wednesday, and the European Union called for an immediate ceasefire.

The direct involvement of Iran, an OPEC member, raises the prospect of disruptions to oil supplies.

A panel of ministers from the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, meets later on Wednesday to review the market, with no policy changes expected. From December, OPEC+, which includes Russia, is set to raise output by 180,000 barrels per day (bpd) monthly.