Commodities
Middle East Tensions Send Oil Prices Soaring Again
Oil prices rose on Wednesday after attacks on two ships in the Middle East and as US-Iran talks hit an impasse.
Brent futures increased by $0.17 to $89.08 a barrel, while US West Texas Intermediate (WTI) crude rose by $0.20 to $83.40 a barrel, both showing gains for the sixth and fifth consecutive days respectively.
The attacks on two ships in the Strait of Hormuz and Bab el-Mandeb Strait, which are crucial export routes for Middle Eastern oil and gas, added to concerns about supply disruptions.
A senior Iranian source told Reuters that there were no discussions between Iran and the US to extend their ceasefire because from Tehran's perspective, the deal had no start date and therefore there was nothing to extend.