Oil prices rose 3% on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and the U.S. and Vietnam reached a trade deal, but a surprise build in U.S. crude supplies limited price gains somewhat.

Oil traders view the escalating conflict between Israel and Iran as the most significant geopolitical event since Russia’s full-scale invasion of Ukraine in 2022. In recent days, energy facilities in both countries have been targeted,

Both grades of petrol will go up by 55 and 52 cents per litre respectively, while diesel will hike up between 84 cents and 82 cents a litre.