Oil reaches its highest price amid interruptions in supply routes in the Middle East

As a result of growing concern about interruptions in supply routes in the Middle East, oil prices reached their highest level in almost six weeks on Wednesday.

Brent crude oil futures rose $2.23 (2.45%) to $93.24 a barrel at 13:23 GMT, after reaching a session high of $95.47; while West Texas Intermediate (WTI) rose $2.18 (2.18%) to $86.18. Both indicators reached their highest levels since June 11.

The three-month spread for Brent crude oil widened to $10.89 per barrel, its highest level since May 22, deepening the backwardation situation, which occurs when immediate crude oil is trading above barrels with a later maturity, which usually indicates a lower supply in the short term.

Mazo News Team