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Oil prices have crossed the $95 per barrel threshold for the first time in six weeks, as the escalation of conflict in the Middle East is raising concerns about further disruptions to global supplies.
Brent crude rose sharply on Wednesday as tensions between the United States and Iran in the Strait of Hormuz were coupled with threats by Houthi rebels to attack ships carrying Saudi oil through the Bab el-Mandeb Strait.
Brent crude hit $126 a barrel in April, at the height of the conflict, but then fell to $71 in early July. With the resumption of fighting in recent days, it climbed to $95.24 a barrel on Wednesday, before falling to around $94.40 by midday, more than 3% higher than the previous day.
The price increase came after an eleventh consecutive night of attacks on Iran, where aircraft hangars and drone depots were hit, despite diplomatic efforts to salvage a temporary ceasefire agreement.
US President Donald Trump warned that the attacks will intensify, while the conflict has reportedly cost the United States around $37.5 billion so far.
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