Oil prices climb 3% to over $93
Oil prices have risen significantly, trading near their highest levels in six weeks amid growing fears of supply disruptions due to escalating crises in the Middle East. Brent crude oil increased by approximately 3 percent, reaching around $93.83 per barrel, the highest since about six weeks ago. Meanwhile, U.S. West Texas Intermediate (WTI) crude gained $1.91, reaching $86.25 per barrel. The expectations of tightening supplies are reflected in the widening gap between spot and futures contracts, which has reached its highest level since May, indicating anticipated near-term supply pressures.
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