Middle East Tensions Send Oil Prices Soaring

Oil prices continued their upward trend on Wednesday due to escalating tensions in the Middle East and concerns about energy supplies.

The price of U.S. WTI crude rose by 0.6 percent to $90.74, reaching its highest level since late July, while Brent crude from the North Sea increased by 0.9 percent to $95.45.

The surge in prices is attributed to a series of reciprocal attacks between the U.S. and Iran, which has raised concerns about disruptions to energy supplies.

The Strait of Hormuz, through which one-fifth of the world's oil and gas supplies are transported, has been effectively closed due to these tensions.