Oil soars amid rising tensions in Middle East

Oil prices increased on Wednesday amid heightened tensions in the Middle East following the assassination of Ismail Haniyeh, political leader of the Hamas group.

International benchmark Brent crude traded at $79.56 per barrel, up 1.91% from the previous session's closing price of $78.07 per barrel.

The American benchmark West Texas Intermediate (WTI) was at $76.29 per barrel, a 2.09% increase from the previous session's close of $74.73 per barrel.

The recent escalation in the Middle East, coupled with fears of a widening conflict in the oil-rich region, has driven oil prices higher.

Hamas confirmed Haniyeh's death in what it described as a "treacherous assassination" in Tehran. The Iranian Foreign Ministry indicated that an investigation is underway. Israel has yet to comment on the incident.

News.Az