Middle East Tensions Drive Oil Prices to Four-Week High

Oil prices have settled at their highest in nearly four weeks due to 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 rose by $0.60, or 0.7%, to settle at $91.62 a barrel, while U.S. West Texas Intermediate crude futures increased by $0.89, or 1.1%, to settle at $85.83 a barrel.

Dennis Kissler, senior vice president of trading at BOK Financial, attributed the increase in oil prices to geopolitical tensions in the Middle East, particularly with the UAE cutting off financial ties to Iran due to recent missile attacks.