Due to concerns that an escalation of the Middle East conflict could hurt oil production, even as concerns about low crude demand persist, oil prices jumped on Wednesday after reaching multi-month lows.

Brent crude oil futures rose $1.10, or 1.4%, to $77.58 per barrel at 10:55am GMT. American West Texas Intermediate crude oil rose $1.05, also by 1.4%, to $74.25. As the rout in global stock markets worsened due to fears of a potential recession in the United States after weak employment data, Brent futures fell on Monday to their lowest level since early January and WTI futures hit their lowest

Prices fell earlier in Wednesday's trading session, following U.S. data showing an unexpected surge in crude oil and gas inventories.