Oil prices rose in Asian trade on Wednesday, extending a 4% gain from the previous session on worries that the Iran-Israel conflict could disrupt supplies. Brent crude futures rose 26 cents, or 0.3 per cent, to US$76.71 a barrel by 0440 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.5 per cent, to US$75.19 per barrel.

Shares of airline companies - Spicejet and IndiGo parent Interglobe Aviation - fell up to 1% today amid concerns that a rise in crude prices would propel aviation turbine fuel (ATF) higher. The ATF is a direct derivative of crude oil and constitutes a significant portion (30-40%) of an airline's operating expenses.

Oil traded near a five-month high amid mounting concern that an escalation of tensions in the Middle East will trigger more direct American involvement. Asian stocks were mixed following losses on Wall Street.