Oil Prices Soar Amid Escalating US-Iran Tensions

Oil prices surged on Wednesday amid escalating tensions between the US and Iran, hitting a six-week high as concerns over oil flows from the region grew.

Brent crude futures rose to $99.93 a barrel, up $2.01 or 2.05%, after earlier touching $100.19, while US West Texas Intermediate crude was up $1.49, or 1.60%, at $94.52 a barrel.

The price increase marks the quarter rise in Brent prices since early last month as hopes for a permanent resolution to the six-month-old conflict fade.

Since the Iran war began on February 28, Brent has surged as high as $126.41 a barrel, a peak reached on April 30. The latest attacks by Iran-backed Houthis on Saudi energy facilities have set oil installations ablaze and threaten a significant expansion of the conflict.