Oil prices rise as new Middle East hostilities flare and talks stall

Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with ​Iran firing missiles at Kuwait and Bahrain, while diplomatic talks ‌between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to ​settle at $94.77. Both benchmarks settled at a one-week high in the ​previous session. Iran launched ballistic missiles toward regional neighbors Kuwait and ⁠Bahrain but failed to hit targets, the U.S. military said, adding ​that U.S. forces conducted strikes on Iran’s Qeshm Island in response ​to attempted attacks. The market awaited news on the Iran war, with Tehran reviewing a proposed agreement with the U.S. to halt the conflict.