Oil prices on Wednesday climbed to their highest level in more than a month as fighting in the Middle East escalated and a top U.S. official voiced pessimism about peace talks.
Brent crude futures, the benchmark index for worldwide trading, rose to $94.10 a barrel on Wednesday. That figure marked a roughly 16% increase over the past month, catapulting crude prices to their highest level since June 11.
A person pumps gas at an Exxon gas station on July 10, 2026, in Austin, Texas.
Cargo vessels are seen at one end of the Strait of Hormuz near the coast of Dibba Al Fujairah, United Arab Emirates, on July 21, 2026.