Crude futures settle higher

Oil prices climbed on Wednesday.

The West Texas Intermediate for September delivery went up 5.20 U.S. dollars, or 6.56 percent, to settle at 84.46 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained 6.65 dollars, or 7.91 percent, to settle at 90.74 dollars a barrel on the London ICE Futures Exchange.

UN Secretary-General Antonio Guterres has expressed concerns over the escalation of conflicts in the Middle East, urging relevant parties to stop fighting and return to diplomatic efforts, said his deputy spokesperson Farhan Haq on Thursday.

"The Secretary-General has been worried for some time that if the parties do not return to negotiations, you could have a widening of the conflict, and that seems to be what has been happening in recent hours. He has already made clear his concerns about any renewed fighting and any escalation and widening of the conflict. So, these are not positive developments, and he wants to make sure that the parties can cease fighting and again return to the diplomatic efforts, including the mediation efforts being pressed forward by Pakistan, Qatar and others," said Haq at a regular press briefing.

After a short period of relative calm, Iran's Islamic Revolution Guard Corps (IRGC) said on Wednesday that it had launched ballistic missiles at U.S. military installations in Jordan as part of its response to continued U.S. threats and military pressure.

Hours after the Iranian missile attacks, the United States and Saudi Arabia carried out coordinated airstrikes against Iran-backed militia targets in eastern Iraq.

Meanwhile, reports said a natural gas storage facility in the Egyptian port of Damietta was struck by a drone on Wednesday.

Asked about the Damietta incident, Haq said the United Nations had no firsthand information but expressed concern that, as the conflict continues, more countries risk being drawn into the fighting.