Crude contracts rose more than $1 by midday Wednesday, a day after Iran fired ballistic missiles toward the Strait of Hormuz, raising fears that the key oil supply chokepoint would be closed for a prolonged period.

Crude contracts rose more than $1 by midday Wednesday, a day after Iran fired ballistic missiles toward the Strait of Hormuz, raising fears that the key oil supply chokepoint…

Oil prices climbed to three-week highs as uncertainty over the Iran conflict and Strait of Hormuz disruptions raised supply concerns. Brent rose 2.39% to $93.81, while WTI gained…