Oil settles at a more than 3-year high on Middle East tensions

April 11, 2018

Oil futures on Wednesday marked their highest finish since late 2014, as rising tensions in the Middle East continued to feed concerns over potential supply disruptions in the region.

News reports that Saudi Arabia intercepted a missile over Riyadh prompted a steeper rise in prices shortly after a U.S. government report revealed a bigger-than-expected weekly rise in domestic crude supplies.

May West Texas Intermediate crude CLK8, +0.42% rose $1.31, or 2%, to settle at $66.82 a barrel on the New York Mercantile Exchange - the highest settlement for the U.S. benchmark since Dec. 3, 2014, according to FactSet data.

June Brent crude LCOM8, +0.67% the global oil benchmark, added $1.02, or 1.4%, to $72.06 a barrel on London's ICE Futures exchange, settling at its highest since Dec. 1, 2014. It had also finished at a more than three-year high on Tuesday.

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