Iran-US Conflict Drives Oil Prices Above $95 a Barrel

The global oil market saw another increase in prices on Wednesday due to the ongoing tensions between the United States and Iran. The conflict has been escalating since February, with both countries exchanging military strikes.

According to Mark Shafer, director at Liquidity Energy, 'the key concern for the oil market is whether the renewed hostilities will lead to a further deterioration in actual oil flows in the region.'

Brent crude futures rose 98 cents, or 1%, to close at $95.63 a barrel, while US West Texas Intermediate (WTI) gained 79 cents, or 0.9%, to $91.01 a barrel.