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HIBAPRESS – Agencies
Oil prices rose by more than a dollar on Wednesday amid concerns about Middle East supplies due to the escalating tensions in the region. However, a decrease in US crude and petroleum product inventories contributed to supporting the market.
Brent crude futures rose by $1.59, or 1.5 percent, to $110.38 by 03:50 GMT, while US WTI crude increased by $1.36, or 1.4 percent, to $99.18 per barrel.
Prices had fallen in the previous trading session after the Iranian President discussed mediation efforts in a meeting with the Pakistani Army Chief in Tehran. However, Brent crude had reached a five-month high before retreating.
