Following the explosion at a hospital in Gaza that killed hundreds of people, tensions in the Middle East increased, sending oil prices soaring and raising worries about possible interruptions in the region's oil supply.

Brent crude climbed by 2% to $91.65 per barrel meanwhile WTI futures were added 2.2% at $88.57 per barrel.

Both benchmarks increased by more than $2 in previous trades, reaching their best levels in two weeks.

After hundreds of Palestinians died in an explosion at a hospital in Gaza City on Tuesday, markets began to take risk premiums into account.

Later, Jordan called off a meeting it had planned to host with Joe Biden, the president of the United States, and the presidents of Egypt and Palestine.

China's economy expanded more quickly than anticipated in the third quarter in terms of demand, according to official data released on Wednesday, suggesting that a recent flurry of policy changes are supporting a shaky recovery.

Official data from China also revealed that the nation's oil refineries produced a record amount of oil per day in September, up 12% from a year earlier, as refiners upped run rates to meet the high demand for transportation fuel over the Golden Week vacation and to support growing manufacturing.