Oil Prices Soar on Middle East Supply Concerns

Oil prices have reached their highest level in three weeks due to concerns about supply disruptions from the Middle East.

The Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 a barrel, while U.S. West Texas Intermediate crude futures for September delivery gained 92 cents to $86.75 a barrel.

The increase follows a fifth consecutive session of gains, with both benchmarks reaching their highest levels since July 24.