Oil Surges Past $95

Global oil prices surged nearly 5% on Wednesday, with Brent crude briefly topping $95 a barrel as the US completed its 11th straight night of strikes on Iran and Houthi threats disrupted a second key trade route.

Secretary of State Marco Rubio said Iran was “not serious” about peace talks, dashing hopes of de-escalation.

The deepening energy crisis has prompted Asian refiners to scramble for alternative supplies while the International Energy Agency noted that substantial emergency reserves still remain.

Analysts warned that the combination of Strait of Hormuz tensions and Red Sea shipping disruptions could keep prices elevated for months.