Brent crude oil soared above $95 a barrel Wednesday afternoon, according to market reports, as the ongoing Middle East war continues to fuel concerns over disruptions to global energy supplies. The price extends a rally that has seen crude climb from $80 levels in recent weeks.
Brent crude oil has crossed the $95 per barrel threshold for the first time since the current Middle East conflict escalated, according to market reports. The price, reported at $95.12 per barrel, marks another milestone in a steady upward trend.
Earlier today, The Zioneer reported that the price had reached $93 per barrel (Wednesday, 11:41 Jerusalem), itself a significant increase from previous levels. Over the past two weeks, the desk has tracked the price climbing from the low $80s to $85, then $88, and accelerated further after the US-Iran confrontation intensified. The broader context includes US strikes on Iranian targets, the reinstatement of the naval blockade on Iran, and Iranian attacks on commercial shipping, all of which have reduced traffic through the Strait of Hormuz and heightened supply fears.
What remains open: the exact intraday high and whether the price will sustain above $95 amid potential diplomatic developments.
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