Oil Hits Three Week High on Middle East Supply Concerns
Oil prices climbed to a three-week high on Thursday as persistent Middle East tensions and an ongoing war impasse threatened regional crude supplies. Brent crude futures rose to $93.81 a barrel amid tightening market conditions.
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Brent Crude Oil prices rose $2.19, or 2.39%, to $93.81 a barrel on Thursday afternoon, hitting their highest level in over three weeks. The gains came as a prolonged conflict involving Iran continued to threaten energy flows from the Middle East. Both major benchmarks notched their fifth consecutive session of gains.
