Oil prices settled at their highest level since June 11 on Wednesday. This increase is driven by mounting supply concerns as tensions rise between the US and Iran. Hostilities continue to escalate, further destabilizing the region. Additionally, the Iran-backed Houthi militia in Yemen has issued threats against shipping routes. These combined factors have boosted prices due to potential disruptions in oil transit. Market volatility remains high as the situation evolves. Investors are closely monitoring the impact of these geopolitical risks on global energy supplies.