Commodities
Oil Prices Surge on Tensions Between US and Iran
Global oil prices rose for a fourth consecutive day on Wednesday, driven by growing tensions between the United States and Iran. The uncertainty surrounding possible peace talks has added to concerns about disruptions to oil supplies.
The Brent crude price increased by 26 cents, or 0.29 per cent, to reach $91.28 a barrel in Asian trading. Meanwhile, US West Texas Intermediate crude gained 37 cents to trade at $85.31 a barrel.
The market uncertainty has been heightened as hopes of easing tensions between Washington and Tehran have diminished. Conflicting statements from the two countries over shipping through the Strait of Hormuz have added to concerns about the security of global oil supplies.