Oil climbs more than 2% to multi-week high as conflict threatens oil transit routes

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.

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