World oil prices soared Wednesday with the benchmark international contract Brent North Sea crude topping $95 for the first time in almost six weeks as the United States and Iran carried out further strikes. Oil prices are soaring on festering fears that the US-Iran confrontation is on the verge of ratcheting up much more, rather than calming off meaningfully anytime soon, said Briefing.com analyst Patrick O’Hare.
Oil futures have climbed sharply in recent weeks after sliding back to pre-war levels on hopes that a deal to end the conflict would hold. If tensions don’t abate, the surge in violence makes a return to $100 crude a realistic prospect, particularly if Saudi Arabia’s Red Sea exports are choked off.
Stock market traders watched developments in the Mideast war closely, but attention also has been firmly fixed on the technology sector for several weeks. A rotation away from tech has led to a better day for European markets as a whole, which continue to ignore the strength in oil,” said Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.
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