US-Iran Clashes Send Oil Prices Soaring Towards $100

Oil prices continued to rise on Wednesday, fueled by concerns over global supply disruptions following US-Iran clashes.

Brent crude futures climbed 87 cents, or 0.92 percent, to $95.52 a barrel, while US West Texas Intermediate (WTI) rose 80 cents, or 0.89 percent, to $91.02 a barrel.

The increase comes after the US and Iran exchanged strikes in the Strait of Hormuz, a key oil shipping route that carried about one-fifth of global oil consumption before the conflict.