Oil hits six-week high
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HOUSTON: Oil prices settled at their highest since June 11 on Wednesday on mounting supply concerns as hostilities continued to escalate between the US and Iran, while threats to shipping by the Iran-backed Houthi militia in Yemen further boosted prices.
Brent crude futures settled up $3.06, or 3.36 per cent, at $94.07 a barrel, their highest in just shy of six weeks, after hitting a session high of $95.47. US West Texas Intermediate crude climbed $2.49, or 2.95pc, to $86.83.
The Brent crude three-month timespread LCOc1-LCOc4, meanwhile, expanded to $9.26 a barrel, its widest since May 22, deepening backwardation on mounting supply risks.
Published in Dawn, July 23rd, 2026
