Brent Oil Price Hits Four-Week High Amid Middle East Tensions

Oil prices rose on Wednesday to their highest level in nearly four weeks as investors grew concerned about escalating tensions in the Middle East.

The Brent futures contract settled at $91.62 per barrel, up 60 cents or 0.7%, while US West Texas Intermediate (WTI) crude rose 89 cents or 1.1% to $85.83 per barrel.

The increase was largely due to the United Arab Emirates' decision to suspend all financial and economic transactions with Iran following recent missile attacks, said Dennis Kissler, senior vice president of trading at BOK Financial.

Tensions in the region remain high, with the Strait of Hormuz - through which one-fifth of the world's oil and liquefied natural gas supplies pass - remaining restricted. Only six cargo vessels crossed the strait on Tuesday, down from nine the previous day and significantly below the daily average.

The development creates conditions in which oil prices could return to triple-digit levels, bringing the possibility of $100 Brent back into focus, according to Ahmad Assiri, a strategy analyst at Pepperstone.