Oil prices rose to their highest in almost six weeks on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating
Oil prices rose to their highest in almost six weeks on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the U.S. and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.
Brent crude futures were up $2.23, or 2.45%, at $93.24 a barrel by 1323 GMT, after hitting a session high of $95.47. U.S. West Texas Intermediate crude CLc1 climbed $2.18, or 2.18%, to $86.18. Both benchmarks touched their highest levels since June 11.
The Brent crude three-month timespread, meanwhile, expanded to $10.89 a barrel, its widest since May 22, deepening backwardation on mounting supply risks.
The U.S. military said it carried out an 11th consecutive night of attacks on Iran. The U.S. attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.
President Donald Trump said on Wednesday the U.S. would "bomb and destroy one bridge or power plant" any time Tehran targets a ship in the Strait of Hormuz.
As well as the renewed conflict over control of that key waterway, the Iran-aligned Houthis have opened a new front in the war
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