Middle East Tensions Send Oil Prices Soaring Again
Oil prices rose on Wednesday following attacks on two ships in the Middle East, which reinforced concerns about disruptions to regional supplies.
The Brent futures contract climbed 17 cents or 0.2% to $89.08 a barrel by 10:55 GMT, marking its sixth consecutive day of gains.
US West Texas Intermediate (WTI) crude also rose 20 cents or 0.2% to $83.40 per barrel, heading for its fifth straight daily gain.
The price increase came after 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 nothing to extend.
Two ships were attacked in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, two crucial export routes for Middle Eastern oil and gas.