Mounting geopolitical risks in the Middle East pushed oil prices to their highest level in nearly six weeks, with Brent crude settling above $94 a barrel as supply concerns intensified. Main Developments Brent crude futures settled at $94.07 per barrel on Wednesday, a gain of $3.06 or 3.36 percent, marking the highest close since June 11. The session high reached $95.47. US West Texas Intermediate crude rose $2.49, or 2.95 percent, to $86.83. The Brent crude three-month timespread expanded to $9.26 a barrel, its widest since May 22. This deepening backwardation signals traders expect tighter supply conditions ahead. Read also: Policy Delays Cost Pakistan Agriculture Billions, OICCI Report Finds Background Hostilities between the United States and Iran have escalated in recent weeks, fueling fears of disruptions to oil flows from the Persian Gulf region. Iran-backed Houthi militia in Yemen have also threatened commercial shipping, adding another layer of risk to global crude supply chains. The price rally comes after a period of relative stability earlier this year. The June 11 settlement level had marked a low point before the current upward trend began. Why It Matters Higher oil prices translate directly into increased fuel costs for consumers and businesses worldwide. For net importers like Pakistan, where fuel prices were already raised in response to global trends, further increases could strain household budgets and widen trade deficits. The widening timespread indicates that markets are pricing in sustained supply risks, not just a temporary spike. This could keep oil elevated for weeks or months if diplomatic efforts fail to de-escalate tensions. What's Next Traders will watch for any new diplomatic moves between Washington and Tehran, as well as Houthi military actions in the Red Sea and Gulf of Aden. The next OPEC+ meeting could also influence prices if the group decides to adjust production quotas in response to the volatile market. Brent's ability to hold above $94 will be a key test. A break above the $95.47 session high could open the door to further gains.