Oil prices rose nearly 4 per cent on Wednesday morning after the United States launched its 11th consecutive round of overnight strikes against Iran, while Secretary of State Marco Rubio said the Strait of Hormuz remained a key sticking point in negotiations between the two sides.

The global benchmark Brent crude futures for July delivery had risen 3.5 per cent to $94.20 a barrel, easing from earlier gains.

Front-month U.S. West Texas Intermediate crude futures were up 3.8 per cent at $87.56 a barrel.

At the ASEAN Foreign Ministers’ meeting in the Philippines on Wednesday, U.S. Secretary of State Marco Rubio said Washington remained committed to diplomacy but accused Tehran of violating an agreement between the two sides over the Strait of Hormuz.

“The problem we’re having right now is that they’re not serious about talks,” he said. “If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies.”

On Tuesday, the U.S. Central Command carried out its 11th consecutive night of strikes against Iran, targeting military operations centres, maritime capabilities, aircraft hangars, drone storage facilities and military logistics infrastructure.

CENTCOM forces targeted Iranian military operations centres, maritime capabilities, aircraft hangars, drone storage facilities and military logistics infrastructure, saying the strikes were carried out to “further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz.”

Rubio said on Wednesday that the strait, a critical shipping route for oil and other vital commodities, remained a sticking point in bilateral talks. He accused Iran of “demanding the right” to control the waterway, warning that allowing this would set “a very dangerous precedent” for the world.