Oil prices jumped to six-week highs on Wednesday as escalating hostilities between the United States and Iran and threats to two major Middle Eastern shipping routes deepened concerns about global crude supplies.
Brent crude futures rose by more than 4 percent to $95.10 a barrel at about 5:35 a.m. ET, while U.S. West Texas Intermediate crude climbed to $88.10, before giving back some of those gains in later trading. Both benchmarks reached their highest levels since June 11 and were on track for a fourth consecutive session of increases.
The rally came on the heels of the 11th consecutive night of U.S. strikes against Iran, and as President Donald Trump said that the prospect appeared dim for a near-term breakthrough in negotiations with Iran and threatened broader military action, including possible strikes on the suspected Pickaxe Mountain nuclear facility….