Brent Price Exceeded $95 as Middle East Tensions Drove Up Oil

World benchmark crude oil prices exceeded $95 per barrel on Wednesday, marking the highest level since June 11. Investors are closely monitoring the escalating military tensions between the US and Iran, as well as growing concerns about potential disruptions to oil supplies from the Middle East.

As of 05:49 ET, Brent September futures rose 4.4% to $95.04 per barrel, while WTI prices increased 4.6% to $88.20. Both grades have gained for four consecutive trading days and recorded gains in six of the last seven sessions.

US military forces announced that strikes on Iranian military facilities continued for the eleventh consecutive night. Targets included rocket and drone launch positions, air defense systems, and military command infrastructure.

The outlook for diplomatic negotiations remains uncertain. President Donald Trump stated that Washington has no interest in meeting with Iran, while Secretary of State Marco Rubio accused Tehran of violating agreements related to transit through the Strait of Hormuz.

Additional market concerns were sparked by threats from Houthi forces operating in Yemen, which plan to impose a naval blockade in the Red Sea on ships linked to Saudi Arabia. As a result, several oil tankers have already rerouted, increasing transportation time and costs.

Additionally, Kazakhstan's oil exports have been disrupted after the Caspian Pipeline Consortium (CPC) temporarily halted oil loading at Russia's export terminal following attacks on tankers.

Despite this, according to data from the American Petroleum Institute (API), US crude oil inventories increased by 2.6 million barrels last week, while analysts expected a decline of 1.5 million barrels. Investors are now awaiting official data from the US Energy Information Administration (EIA).