Oil Prices Soar as Middle Eastern Tensions Escalate
Oil prices rose on Wednesday, hovering near a three-week high as investors worried about escalating tensions in the Middle East. The United Arab Emirates has suspended all financial and economic transactions with Iran, adding to the uncertainty.
Shipping through the Strait of Hormuz remains slow, with most ship owners avoiding the waterway due to a lack of clear signaling on its reopening from a blockade during the Iran war.
Brent crude futures were up 87 cents, or nearly 1%, at $91.89, while U.S. West Texas Intermediate crude futures rose $1.17, or 1.4%, to $86.11 per barrel.
Crude futures remain supported by the geopolitical tensions in the Middle East, according to Dennis Kissler, senior vice president of trading at BOK Financial, who said 'the latest missile attacks' were a factor.