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In a day marked by escalating geopolitical tensions, global oil prices surged approximately 3% on Wednesday, fueled by a significant disruption at Libya's primary oilfield. Protests led to the shutdown of production at this key facility, raising fears of potential disruptions in the global oil supply chain.

The oil market was already on edge as Yemen's Houthi rebels reportedly targeted a container ship, adding to the mounting concerns about the stability of oil transport routes. The incident heightened anxieties about the potential for further disruptions in the Middle East, a region critical to global oil production and distribution.

Brent futures rose $2.36/barrel or 3.1%, to settle at $78.25/barrel.

WTI crude rose $2.32/barrel or 3.3%, to settle at $72.70/barrel.