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U.S. oil prices settle at a more than 2-week high on Middle East risks

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Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.

Oil futures climbed Wednesday, with U.S. prices settling at their highest in more than two weeks as a blast at a Gaza City hospital raised tensions throughout the Middle East.

The oil price is “responding to the aggressive comments from Iran” and others after the apparent hospital bombing in Gaza, “which raise the potential for a possible loss of oil supply from some exporters,” said Michael Lynch, president at Strategic Energy & Economic Research. November West Texas Intermediate crude CLX23, +2.12% rose $1.66, or 1.9%, to settle at $88.32 a barrel on the New York Mercantile Exchange, the highest front-month finish since Oct.

 

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