UAE-Iran Tensions Send Oil Prices Soaring to Three-Week High

Global crude prices rose more than one per cent on Wednesday and were trading near a three-week high as investors worried about escalating tensions in the Middle East.

The United Arab Emirates (UAE) decided to suspend all financial and economic transactions with Iran, adding to the region's volatile situation.

Brent crude futures were up $1.17, or nearly 1.3 per cent, at $92.21 at 13:41 ET (17:41 GMT), while US West Texas Intermediate crude futures were $1.51, or 1.8 per cent higher at $86.45 a barrel.

Senior vice president of trading at BOK Financial, Dennis Kissler, attributed the price rise to 'geopolitical tensions' in the Middle East, particularly the UAE's decision to cut off ties with Iran due to recent missile attacks.