Brent crude surpasses $95 for the first time since June 11

Arabic - Oil prices extended their gains on Wednesday to reach their highest levels in about six weeks, with Brent crude surpassing $95 a barrel for the first time since June 11.

Concerns are mounting over potential supply disruptions stemming from regional tensions, pushing Brent crude futures up by $2.84, or 3.12%, to $93.85 per barrel. Meanwhile, U.S. West Texas Intermediate crude rose by $2.93, or 3.47%, to $87.27 per barrel.

Tim Waterer, chief market analyst at KCM Trade, said: “The energy market is now facing a dual concern, as the Bab el-Mandeb Strait appears poised to join the Strait of Hormuz as a flashpoint for tensions, with traders closely monitoring shipping figures in the Red Sea.”

Market sources, citing data from the American Petroleum Institute, reported that U.S. crude oil and distillate product inventories rose last week, while gasoline stocks declined.