Middle Eastern Tensions Send Oil Prices Soaring

Oil prices continued their upward trend on Wednesday, reaching a four-day high as Middle Eastern tensions escalated.

Brent crude futures rose by 1.4% to $99.33 per barrel, while US West Texas Intermediate crude gained 1.4% to $94.34 per barrel, according to Reuters.

The price hike is largely attributed to the intensification of the six-month-old war in the Middle East, which has led to a significant increase in Brent prices since early August, with gains of about 25%.

Recent attacks by Iranian-backed Houthi forces on Saudi cities have brought US ally Saudi Arabia further into the conflict, while US forces struck multiple Iranian oil tankers and Iran targeted a US military base in Jordan.