Oil prices hit highest in weeks amid Middle East tensions
Business
Oil prices just hit their highest in weeks, with Brent at $92.40 and WTI at $85.50 per barrel Wednesday.
The spike comes as tensions rise in the Middle East, making global markets a bit uneasy about what's next for energy costs.
Caspian Pipeline halts Kazakh oil exports
A naval blockade by Houthi rebels forced Saudi oil tankers to reroute, while military strikes in the key Strait of Hormuz damaged at least one tanker, both moves that raised fears about oil supplies getting disrupted.
On top of that, attacks on oil tankers at its Black Sea terminal led the Caspian Pipeline Consortium to halt Kazakh oil exports, adding even more pressure to already tight global supplies.