Crude oil prices surged above $94 per barrel on Wednesday, extending their rally to fresh five-week highs as the conflict between the United States and Iran intensified, threatening two of the world’s most critical oil shipping routes and raising fears of a prolonged global supply disruption.
Latest market data showed Brent crude climbing to $94.33 per barrel, up 3.65 percent, while West Texas Intermediate (WTI) rose to $87.51 per barrel, a gain of 3.76 percent, as traders priced in mounting geopolitical risks. The gains build on an earlier rally that pushed Brent above $92 during Asian trading.
The benchmarks have now risen consistently since the July 4 holiday period, with Brent adding more than $10 per barrel over recent sessions as military exchanges across the Middle East show little sign of easing.
The latest advance followed an 11th consecutive night of US military strikes on Iranian targets.
According to the
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