Oil prices rose to their highest in almost six weeks on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the US and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.
Brent crude futures were up $2.23, or 2.45%, at $93.24 a barrel by 1323 GMT, after hitting a session high of $95.47.
US West Texas Intermediate crude climbed $2.18, or 2.18%, to $86.18.
Both benchmarks touched their highest levels since June 11.
The Brent crude three-month timespread, meanwhile, expanded to $10.89 a barrel, its widest since May 22, deepening backwardation on mounting supply risks. Backwardation is where prompt crude trades above later-dated barrels, typically signalling tighter near-term supply.
