Oil prices spike 4%

NEW YORK, Mar 19 (QNA/APP): Oil prices closed higher on Wednesday, rising by almost 4%, influenced by the escalation in the region.

Brent crude futures settled at USD 107.38 per barrel, up nearly USD 4 after reaching USD109.95 earlier in the session.

The price of Brent exceeded the USD 100-per-barrel mark for the second consecutive day, marking the first time this level has been reached since the outbreak of the US-Israeli conflict with Iran on Feb. 28.

West Texas Intermediate (WTI) crude closed up 11 cents, or 0.1%, at USD 96.32 per barrel.

The war has led to disruptions in shipments through the Strait of Hormuz through which 20% of global crude oil and liquefied natural gas supplies pass.