Crude prices surged on Wednesday driven by escalating tensions in the Middle East and West Asia, as Iran fired hundreds of missiles into Israeli airspace. 

As of 12.14 a.m. India time, Brent crude futures rose by 1.47 percent to $74.64 per barrel. 

Similarly, West Texas Intermediate crude futures also soared by 1.59 percent to $70.97 a barrel. 

Iran said on Wednesday that its missile attack on Israel was over, while Israel and the the United States promised to retaliate against Tehran. 

As a response, Tehran said that any Israeli retaliations will be met with seriousness and added that Iran is ready to target Israeli infrastructure. 

OPEC+ Doing Noble Job: UAE Minister

Meanwhile, UAE energy minister Suhail Al-Mazrouei said that the Organization of the Petroleum Exporting Countries, and its allies, collectively known as OPEC+ is doing a 'noble job' to balance the oil market. 

"OPEC+ has sacrificed more than others but the critical element is that it is staying together," said the UAE minister during an industry event in Fujairah. 

On Tuesday, Russian Deputy Prime Minister Alexander Novak also echoed similar views and said that OPEC+ is strategically reducing oil supply and ceding market share to ensure long-term stability. 

"Yes, we are probably deliberately moving, temporarily losing market share, but we are looking forward not to today, but to the future," Novak told Al Arabiya news channel. 

He added: "It is important that, firstly, the energy sectors in exporting countries develop so that investments continue. This requires prices that would satisfy both exporters and importers, so as not to slow down the growth of demand, prices should not be high."