Oil prices jump to the highest in weeks as global supply worries mount

Oil prices rose more than 6% on Wednesday to their highest level in nearly a month as stalled U.S.-Iran negotiations increased concerns about prolonged disruptions to Middle Eastern supply. The move points to heightened geopolitical risk premia in crude markets and could support energy equities while pressuring transport and input costs.

Analysis

Oil prices rose more than 6% on Wednesday to their highest level in nearly a month as stalled U.S.-Iran negotiations increased concerns about prolonged disruptions to Middle Eastern supply. The move points to heightened geopolitical risk premia in crude markets and could support energy equities while pressuring transport and input costs.