Oil climbs on Middle East supply worries
Oil prices rose today, Wednesday, amid concerns over potential disruptions in Middle Eastern supplies. Brent crude increased by $1.21 to reach $110 per barrel, while U.S. West Texas Intermediate oil surged over a dollar to $99. Additionally, fears were heightened by attacks on oil tankers, including collisions and security threats, as well as Iranian military activities such as a tanker catching fire after hitting a naval mine in the Strait of Hormuz. The United States is also working to boost fuel production to address a diesel shortage. Meanwhile, U.S. crude oil inventories last week decreased substantially, intensifying the impact of tensions on global energy markets.
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