Oil prices rise as Middle East war worsens
Oil prices rose sharply on Wednesday as fighting between the United States and Iran continued, pushing the price of Brent crude close to $95 per barrel, its highest level in almost six weeks.
Prices later dropped slightly but still ended about 3 percent higher.
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The increase came after both countries carried out more attacks and exchanged fresh threats. US President Donald Trump warned of more strikes on Iran if attacks on ships in the Strait of Hormuz continued. Iran also vowed to respond to any attacks on its infrastructure.
At the same time, shipping in the Red Sea was disrupted after Yemen’s Houthi rebels announced a blockade of Saudi ports. Several ships turned back instead of passing through the Bab al-Mandab Strait.
Despite higher oil prices, US stock markets showed only small changes. The S&P 500 fell slightly, while the Dow Jones ended almost unchanged. The technology-heavy Nasdaq dropped 0.6 percent as investors sold shares in major technology companies.
Companies such as Amazon, Meta and Microsoft recorded losses, while investors awaited earnings reports from major technology firms, including Alphabet, Intel and Microsoft.
European stock markets closed higher, while Asian markets ended mixed as investors remained cautious over the war and upcoming company earnings.
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