Commodities
Middle East Tensions Send Oil Prices Soaring 7% on Wednesday
Global oil prices surged nearly 7% on Wednesday due to escalating tensions in the Middle East, heightening concerns over tightening supplies.
The jump was driven by fears of supply disruptions in the region, with Brent crude futures rising $6.16, or 7.33%, to reach $90.25 a barrel, and U.S. West Texas Intermediate (WTI) crude gaining $5.40, or 6.81%, to hit $84.65 a barrel.
The increase reflects growing concerns about the stability of oil supplies in the Middle East, where tensions have been escalating due to various factors.