Oil prices jumped by over a dollar on Wednesday due to the development of the situation in the Middle East and fear of disruption of oil supplies.Brent futures leapt $1, or 1.36%, to $74.56 a barrel, while US West Texas Intermediate (WTI) crude rose 88 cents, or 1.26%, to $70.71, coming slightly down from spiking by more than $1 earlier in the session.During trading on Tuesday, both crude benchmarks jumped more than 5%.Source: Qatar News Agency