Commodities
Oil Prices Surge After Middle East Ship Attacks and US-Iran Talks Stall
Oil prices rose on Wednesday after attacks on two ships in the Middle East reinforced concerns about supply disruptions and as talks between the US and Iran hit an impasse.
The Brent futures contract was up 35 cents, or 0.4%, at $89.26 a barrel by 1219 GMT, heading for a sixth day of gains, while US West Texas Intermediate (WTI) crude rose 57 cents, or 0.7%, to $83.77.
The attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb strait were reported by the US and Yemen's Iran-aligned Houthis on Tuesday, with a significant drop in vessel traffic observed through the crucial waterway.