Oil prices soar 7% as Brent climbs to $90.25 per barrel
09:27, 30 July 2026
Global oil prices surged by around 7 percent on Wednesday, driven by developments in the Middle East that heightened concerns over tightening supplies, WAM reported.
Brent crude futures rose by US$6.16, or 7.33 percent, to settle at US$90.25 a barrel. Meanwhile, US West Texas Intermediate crude gained US$5.40, or 6.81 percent, to reach US$84.65 a barrel.
Earlier, it was reported that the U.S. Federal Reserve on Wednesday kept the target range for the federal funds rate at 3.5 to 3.75%.
