Oil prices surged nearly 5% on Wednesday, with Brent crude breaching the $95 a barrel mark for the first time in nearly six weeks. The price increase follows fading hopes for a ceasefire in the Middle East, as U.S. officials downplay the likelihood of new peace talks after an 11th straight night of strikes on Iran.
Global supply faces significant threats as escalating conflict disrupts two of the world's key supply routes. Renewed US-Iran aggression over the strait of Hormuz has been compounded by Houthi threats to target vessels carrying Saudi oil through the Bab el-Mandeb strait.
Due to the Iran war sending crude and fuel prices soaring, the world's Big Oil companies are expected to report another bumper set of quarterly results.