Oil prices traded higher Wednesday, supported by ongoing political tensions in the Middle East. Brent crude, the global benchmark, was up 0.76%, at $58.32 a barrel on London's Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.31%, at $52.04 a barrel. "There are no prizes for guessing the current buzzword in the energy complex. Geopolitics and specifically geopolitical tensions have returned to the fore after being fanned by unrest in Iraq and rising hostility between the U.S. and Iran," Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd, wrote in a note Wednesday. Escalating tensions between Iraq's central government and the semi-autonomous Kurdish region have boosted crude prices in recent days, amid concerns the conflict could crimp exports from the area. Kurdistan, which voted almost unanimously to become an independent state in a controversial referendum ..
Oil prices Buoyed by Middle East Tensions