Energy Preview: Oil prices stay elevated amid fresh escalation of strikes between war nations

Crude oil futures stay elevated on Wednesday morning in Asia on the backdrop of stalled peace talks between US and Iran. Renewed supply concerns following a fresh escalation of hostilities in the Middle East, marked by Iran launching ballistic missiles toward neighboring Kuwait and Bahrain, kept oil prices supported. According to the United States (US) military, the missiles failed to hit their targets, prompting American forces to conduct retaliatory strikes on Iran's Qeshm Island. WTI crude oil futures are trading at $94.65 per barrel, up 0.85% on the day. Meanwhile, Brent is also up around 0.77% at $96.83 per barrel.

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