Oil Exceeds Key Threshold Amid Supply Disruption Fears

Brent crude oil prices sharply rose on Wednesday, exceeding the $95 per barrel mark for the first time in approximately six weeks. This surge comes amid escalating Middle East unrest, fueling concerns over long-term disruptions to regional fuel exports. North Sea Brent crude for September delivery jumped by 4.41% to $95.02 a barrel. Similarly, the American West Texas Intermediate (WTI) crude for the same month's delivery climbed by 4.53% to $88.16, marking the first day of its adoption as a benchmark contract.