Oil Prices Extend Rally on Renewed Middle East Supply Concerns

Oil prices extended their gains on Wednesday as concerns over potential supply disruptions intensified following continued US military strikes on Iranian targets and renewed security risks in the Red Sea.

 

Brent crude futures rose 1.1% to USD 92.01 per barrel, while US West Texas Intermediate (WTI) crude gained 1.0% to USD 85.16 per barrel. The market was also supported by reports that several oil tankers altered their routes in the Red Sea after warnings from the Iran-backed Houthi militia, raising fresh concerns over regional energy supplies.