Oil surges past $95 as U.S. downplays Iran diplomacy, Red Sea shipping disrupted

The price of oil surged nearly 5% Wednesday as U.S. officials talked down the chance of new peace talks after an 11th straight night of strikes on Iran and with major disruption now facing two of the world’s key supply routes.

The price of oil surged nearly 5% Wednesday as U.S. officials talked down the chance of new peace talks after an 11th straight night of strikes on Iran and with major disruption now facing two of the world’s key supply routes.

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International Brent crude oil rose almost 5% to more than $95 per barrel for the first time in almost six weeks. U.S. crude oil rose more than 4% to more than $88 per barrel.

While Brent is widely considered the international oil benchmark, it also influences U.S. gas prices.