Doha: Oil prices spiked again, trading near a six-week high on Wednesday, gaining around 3%, as supply concerns increased due to escalating crises in the Middle East.

According to Qatar News Agency, Brent crude futures rose around 3%, or $2.31, to reach about $93.83 a barrel, marking their highest level in nearly six weeks, after hitting $95.47 during the session. Meanwhile, US West Texas Intermediate (WTI) crude saw an increase of $1.91, or 2.26%, reaching $86.25 a barrel.

Both crude benchmarks achieved their highest levels since June 11 during the session. The forward price spread for Brent crude between the front-month contract and the contract due three months later widened to $8.80 a barrel, reaching its highest level since May 22. This indicates a growing backwardation, or an inverted market where spot contracts trade at a premium to futures contracts, often seen as a sign of tightening near-term supply.