Oil prices surge over 5% amid Middle East supply concerns
Oil prices jumped more than 5% on Wednesday as fears of supply disruptions in the Middle East intensified.
Key Takeaways
AIOil prices rose sharply in Wednesday trading, fueled by ongoing concerns over potential supply disruptions from the Middle East.
Brent crude futures climbed 4.99% to $105.20 per barrel, marking their highest level since September 29.
US West Texas Intermediate (WTI) futures also gained $4.47, or 5.06%, reaching $92.75 per barrel, the highest price since October 2.
The surge comes amid persistent regional tensions and growing worries about the stability of global oil supplies.