Oil prices experienced a significant increase on Wednesday, with Brent crude trading at $100.07 per barrel, driven by reports of gunfire attacks on at least three container ships in the Strait of Hormuz, a key maritime route for global oil supplies. The rise in oil prices followed a previous increase of about 3% on Tuesday. The attacks have raised concerns over potential disruptions in a region that accounts for approximately 20% of the world's oil and liquefied natural gas supplies. Amid escalating tensions, U.S. President Donald Trump announced an indefinite extension of a ceasefire with Iran, although it remains unclear if Iran or Israel will accept this truce. Meanwhile, U.S. crude oil inventories reportedly dropped by 4.5 million barrels last week, indicating strong demand as consumers scramble to secure oil supplies. Market analysts are closely watching the situation, especially with upcoming inventory data from the U.S. Energy Information Administration.