Asian shares were mixed and oil prices advanced Wednesday after the escalation of conflict in the Middle East hit Wall Street. U.S. benchmark crude oil was up 24 cents at $73.51 per barrel. Crude prices rose more than 4% on Tuesday after U.

Oil prices eased in Asian trade on Wednesday, after a gain of 4% in the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve rates decision that could impact oil demand.

Financial markets have been rattled by fears of crude supply disruptions, especially after reports that an Israeli strike hit an oil storage facility in Tehran.