Middle East Tensions Send Oil Prices Soaring

Oil prices rose on Wednesday morning due to growing concerns about potential supply disruptions in the Middle East. The uncertainty surrounding a possible agreement between the US and Iran, as well as recent attacks targeting two vessels, contributed to the increase.

Brent crude futures increased by 72 cents, or 0.81 percent, to $89.63 per barrel as of 0053 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained 71 cents, or 0.85 percent, to $83.91 per barrel.