Brent crude rises above $73 amid Middle East tensions

By Ovunc Kutlu

NEW YORK

The price of Brent crude oil price climbed above $73 per barrel on Wednesday as rising tensions in the Middle East threaten secure supply of oil from the region to the rest of the world.

The international benchmark reached as much as $73.09 per barrel -- its highest level since Nov. 28, 2014.

American benchmark West Texas Intermediate (WTI) climbed as high as $67.42 a barrel, marking its highest level since Dec. 4, 2014.

Tensions in the Middle East have increased after U.S. President Donald Trump said on Twitter: "Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and 'smart!'"

Saudi Arabia, the world's biggest crude oil exporter, could also join the conflict as Crown Prince Mohammed bin Salman hinted Tuesday in France that the Kingdom could join forces with the U.S. and the U.K. for a military operation in Syria.

At 1930GMT, Brent crude's daily gain was 1.2 percent, while WTI was up 1.8 percent for the day.

Brent jumped 3.5 percent on Tuesday, while WTI gained 3.3 percent.

By Ovunc Kutlu

NEW YORK

The price of Brent crude oil price climbed above $73 per barrel on Wednesday as rising tensions in the Middle East threaten secure supply of oil from the region to the rest of the world.

The international benchmark reached as much as $73.09 per barrel -- its highest level since Nov. 28, 2014.

American benchmark West Texas Intermediate (WTI) climbed as high as $67.42 a barrel, marking its highest level since Dec. 4, 2014.

At 1930GMT, Brent crude's daily gain was 1.2 percent, while WTI was up 1.8 percent for the day.

Brent jumped 3.5 percent on Tuesday, while WTI gained 3.3 percent.