Manila: Oil prices rose 2.2 percent on Wednesday, with Brent crude futures exceeding USD100 a barrel as the US-Iran tensions continue to affect energy markets. The international benchmark climbed above USD100 a barrel as of 0730GMT. The price of West Texas Intermediate (WTI) also rose 1.5 percent to USD94.5 per barrel.

According to Philippines News Agency, Iran's Islamic Revolutionary Guard Corps (IRGC) reported on Wednesday that its naval forces targeted two US vessels and eight oil tankers in the Persian Gulf, claiming the attacks inflicted heavy damage on the vessels. In a statement, the IRGC said the strikes were "carried out in response to US aggression, including an attack on five Iranian oil tankers in the Persian Gulf." However, the IRGC did not identify the US vessels or oil tankers it claimed were targeted, nor did it provide details on when the attacks took place.

Additionally, the IRGC statement mentioned that Iranian naval forces had targeted 10 other vessels that "attempted to enter a restricted and unsafe area of the Strait of Hormuz," alleging they were acting with the "encouragement and support of the US military." The tensions arise despite a memorandum of understanding signed in June between the two countries, mediated by Pakistan and Qatar, which aimed to end hostilities, reopen the Strait of Hormuz, and address economic restrictions.

Both countries have accused each other of failing to implement commitments under the memorandum. Meanwhile, military tensions continue to escalate alongside disputes over sanctions and navigation through the vital Strait of Hormuz, further contributing to the volatility in global oil markets.