Oil prices surged by over a dollar on Wednesday due to rising concerns of possible disruptions in the Middle East’s crude output due to geopolitical tensions.
Brent futures rose 1.36% to $74.56 a barrel, while US West Texas Intermediate (WTI) crude increased by 1.53%, to reach $70.9 as of 03:30 GMT, according to Reuters reports.
At the same time, safe haven assets such as gold, bonds and the US dollar advanced with oil, while US stocks dropped further.
Iran is responsible for an estimated 3.3% of the total global oil supply, making it the world’s ninth-largest oil producer. The nation’s crude output rose to a six-year high of 3.37 million barrels a day in August before recording a small decrease in September.
