Brent crude hits 6-week high on Middle East tensions

LONDON: Brent crude rose above $95 a barrel on Wednesday for the first time in nearly six weeks, as escalating tensions in the Middle East fueled concerns over potential disruptions to global oil supplies.

The international benchmark briefly climbed above $95 during the session before easing slightly, while US West Texas Intermediate (WTI) crude also advanced.

Oil prices were supported by mounting geopolitical risks, with renewed military exchanges between the United States and Iran and growing threats to shipping through the Strait of Hormuz and the Bab el-Mandeb Strait raising concerns over supply disruptions. Market participants also pointed to tighter prompt supplies and stronger near-term demand for crude.

The rally extended a sharp rebound in crude prices in recent weeks. Analysts said further escalation in the region could keep geopolitical risk premiums elevated and add upward pressure to global energy markets.

By RSS/Xinhua