Middle East Tensions Drive Oil Prices Near Four-Week High

Oil prices rose on Wednesday and settled near a four-week high as investors grew concerned about escalating tensions in the Middle East. The United Arab Emirates has suspended all financial and economic transactions with Iran, while ship traffic through the Strait of Hormuz remains slow.

Brent crude futures settled at $91.62 per barrel, up 60 cents or 0.7%, while U.S. West Texas Intermediate crude futures rose 89 cents or 1.1% to settle at $85.83 a barrel. Both benchmarks closed at their highest since July 24.

Crude prices remain supported by the ongoing geopolitical tensions in the Middle East, according to Dennis Kissler, senior vice president of trading at BOK Financial.