Middle East Tensions Drive Oil Prices Higher

Oil prices continued their upward trajectory as concerns over prolonged supply disruptions in the Middle East intensified amid ongoing exchanges of attacks between the United States and Iran.

Brent crude futures rose 52 cents, or 0.54 percent, to $96.80 per barrel, while US West Texas Intermediate crude gained 66 cents, or 0.72 percent, to $92.14 per barrel.

The increase in oil prices follows a 7.8 percent surge in Brent last week and a 10 percent climb in WTI after the US and Iran resumed their attacks, leading to a decline in oil flows.