US-Iran Strikes Send Oil Prices Higher Amid Global Supply Concerns

The Brent crude price rose by $0.25 to $94.90 per barrel on Wednesday, driven by renewed military strikes between the United States and Iran.

The US-Iran war has now entered its seventh month, with the recent attacks being the largest exchange of fire since July.

Brent crude futures had previously swung between gains of up to $2 a barrel and losses of $1 a barrel throughout the session.

OPEC+, the producer group led by Saudi Arabia and Russia, is likely to maintain its oil output policy unchanged for October, according to three sources close to the matter.