From CNBC · Lee Ying Shan · · 1m
Oil Prices Little Changed as Middle East Tensions Rise
Oil prices little changed Wednesday as Middle East supply risks push markets on edge.
In brief
Oil prices little changed Wednesday as Middle East supply risks push markets on edge. Oil prices rose slightly on Wednesday amid Middle East tensions, with Brent crude at $108.62 and WTI at $97.90 per barrel due to attacks on tankers near the Strait of Hormuz and Saudi facilities. Originally reported by CNBC.
Oil Prices Little Changed
Oil prices were little changed Wednesday as escalating supply risks in the Middle East keep investors on edge.
Middle East Attacks
Attacks on tanker near the Hormuz Strait and Saudi Arabian facilities by Iran-backed Houthis have raised regional tensions.
Price Movements
Brent crude futures lost 17 cents to $108.62 a barrel as of 8:47 a.m. ET, while U.S. West Texas Intermediate crude rose 8 cents to $97.90 a barrel.
Shipping Costs Surge
Global average crude freight rates have surged above $20 per barrel, compared with $3 a year earlier, according to a Goldman Sachs report.
The main idea
Oil prices rose slightly on Wednesday amid Middle East tensions, with Brent crude at $108.62 and WTI at $97.90 per barrel due to attacks on tankers near the Strait of Hormuz and Saudi facilities.
