NEW DELHI, March 4 -- Global oil prices rose about 1% in early trading on Wednesday after President Donald Trump announced that the US would provide insurance cover for ships in West Asia at a "reasonable price" amid the ongoing conflict, analysts said.

The modest rise followed a more than 15% jump over the past two sessions. On the social media platform Truth Social, Trump also said the US Navy would escort tankers through the Strait of Hormuz if necessary.

On the Intercontinental Exchange, the April contract for Brent crude rose over 1% during early trade to a high of $82.77 per barrel. By 7:40 a.m., it was trading at $82.08, up 0.84% from its previous close. The April contract of West Texas Intermediate on NYMEX was at $75.05, up 0.6...