Oil Prices Soar Nearly 7% Amid Middle East Tensions

Global oil prices surged nearly 7% on Wednesday due to escalating tensions in the Middle East, which heightened concerns over tightening supplies.

Brent crude futures rose by $6.16, or 7.33%, to reach $90.25 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $5.40, or 6.81%, to $84.65 a barrel, according to Bloomberg.

The increase in oil prices is attributed to the escalating tensions in the Middle East, which have raised concerns over supply disruptions.