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Commodities

Middle East Tensions Spark Oil Price Surge

Guavy AI Editorial Team
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Oil
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Brent crude oil prices surged more than 6% to above $89 a barrel on Wednesday, snapping a three-day losing streak as tensions in the Middle East escalated.

The US military reported intercepting an Iranian attack targeting US troops stationed across the region, while Iran-backed militias launched drones at Saudi Arabia's Eastern Region for a second consecutive day.

The threat to global oil supplies is growing, with Yemen's Houthi militants reportedly considering charging fees for vessels transiting the Red Sea and Iran seeking to impose similar charges on the Strait of Hormuz.

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