Oil Prices Reach Highest Level Since Late June Amid Ongoing Conflict

Oil prices continued their upward trend for the fourth consecutive session on Wednesday, rising over $1 in early trade. Brent crude futures reached their highest level since late June, reaching $99.49 a barrel after gaining $1.57. US West Texas Intermediate crude also increased, trading at $94.63 a barrel.

The surge in oil prices was partly attributed to the ongoing conflict between the US and Iran, as well as Houthi strikes on several Saudi cities. Asian markets were mixed, with some benchmarks experiencing gains while others declined. The yen strengthened against the dollar as traders exited short positions, anticipating faster Bank of Japan interest rate hikes.

The European Central Bank is widely expected to raise euro zone rates by a quarter point on Thursday, amid inflationary pressures stemming from the conflict. The US Federal Reserve's policy decision next week will also be closely watched, with traders assigning close to even odds of a quarter-point hike or a hold.