Oil Prices Soar Amid Mideast Tensions and Disrupted Strait of Hormuz

Oil prices have reached their highest level in nearly four weeks due to growing tensions in the Middle East. The United Arab Emirates has suspended all financial and economic transactions with Iran, adding to existing concerns about the Strait of Hormuz.

Brent crude futures settled at $91.62 a barrel, up 60 cents or 0.7%, while US West Texas Intermediate crude futures rose 89 cents or 1.1% to settle at $85.83 a barrel. Both benchmarks closed at their highest since July 24.

Dennis Kissler, senior vice president of trading at BOK Financial, attributed the rise in oil prices to the ongoing geopolitical tensions. 'Crude futures remain supported by the geopolitical tensions that remain in the Middle East,' he said.