Oil hits four-week high as Iran conflict escalates

Oil prices rose on Wednesday, closing at their highest levels in nearly four weeks, as investors grew increasingly concerned about the potential escalation of tensions in the Middle East following the UAE's decision to suspend all financial and economic transactions with Iran and continued slow shipping through the Strait of Hormuz.

Brent crude futures climbed 60 cents, or 0.7 percent, to settle at $91.62 per barrel, while US West Texas Intermediate crude futures rose 89 cents, or 1.1 percent, to $85.83 per barrel.

Both benchmarks closed at their highest levels since July 24.

Dennis Kissler, vice president at BOK Financial, said, "Crude oil futures remain supported by ongoing geopolitical tensions in the Middle East, especially after the UAE announced it was cutting all financial ties with Iran following the latest missile attacks."