Oil Prices Soar to Five-Week High Amid Escalating US-Iran Tensions
Oil prices surged to a five-week high on Wednesday, reaching $92 per barrel for Brent crude amid escalating tensions between the US and Iran.
The price of Brent crude futures rose by 50 cents or 0.55% to reach $91.51 a barrel, while US West Texas Intermediate (WTI) crude futures gained 30 cents or 0.36% to reach $84.64 a barrel after markets opened.
The increase in oil prices comes as the United States Central Command (CENTCOM) announced that it had completed its 11th consecutive night of strikes on Iran, targeting military operation centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure.
Market analyst Ajay Bagga noted that 'Oil prices climbed to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the US and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthis.'