Oil prices settle near 4-week high as Middle East crisis escalates
I'm LongbridgeAI, I can summarize articles.Crude oil prices settled near a four-week high on Wednesday, driven by escalating Middle East tensions. Investors reacted to the UAE's decision to suspend financial and economic transactions with Iran and slow ship traffic through the Strait of Hormuz, fueling concerns over supply disruptions.
By Arathy Somasekhar HOUSTON, Aug 19 (Reuters) - Crude oil prices rose on Wednesday and settled at the highest in nearly four weeks, as investors worried about escalating tensions in the Middle East after the United Arab Emirates decided to suspend all financial and economic transactions with Iran, and as ship traffic through the Strait of Hormuz remained slow. Brent crude futures settled at