Oil prices rise over 6pc

Oil prices surged over 6 percent on Wednesday to settle at their highest in weeks, as deadlocked US-Iran negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply. US government data showed a bigger weekly draw in crude and fuel inventories than expected, which also put upward pressure on oil prices. Brent crude futures for June rose for the eighth consecutive session and settled up USD6.77, or 6.1 percent, at USD118.03 a barrel, the highest since March 31. The global benchmark climbed further in post-settlement trade to hit $120 a barrel for the first time since June 2022. US West Texas Intermediate futures for June rose USD6.95, or 7 percent, to USD106.88 a barrel, the highest since April 7. READ MORE: Oil prices jump to the highest in weeks as global supply worries mount A White House official said that President Donald Trump had asked US oil companies about ways to mitigate the impact of a potentially months-long US blockade of Iranian ports, adding to concerns that disruptions to Middle Eastern oil supply could be prolonged.