Brent Crude Surges Above $95 Amid Escalating Middle East Tensions

Oil prices continued their upward trend on Wednesday as tensions in the Middle East escalated. The renewed military exchanges between the United States and Iran raised concerns about further disruptions to oil supplies through the Strait of Hormuz.

The Brent crude futures for November delivery rose by $0.98, or 1.04%, to settle at $95.63 a barrel. US West Texas Intermediate (WTI) crude for October delivery increased by $0.79, or 0.88%, to $91.01 a barrel.

Liquidity Energy noted that the escalation of tensions had renewed concerns about the physical oil flows through the region deteriorating further.