Commodities
Middle East Tensions Send Oil Prices Soaring
Oil prices surged on Wednesday due to escalating tensions in the Middle East and shrinking US crude inventories.
The Brent futures price rose $6.33, or 7.53%, to $90.42 a barrel by 13:50 ET (17:51 GMT), while US West Texas Intermediate crude gained $5.26, or 6.64%, to $84.52 a barrel.
The increase in oil prices came as the US and Saudi Arabia launched airstrikes on Iran-backed groups in Iraq, blaming them for drone attacks on Saudi oil facilities.
John Kilduff, partner at Again Capital, said the market is rapidly pricing in enhanced risk to supplies in the region. President Donald Trump promised further strikes against Iran in an interview with Fox News, which led prices to surge even higher.