Press TV reported that global oil prices have soared after 3 week decline on increasing tensions in the Middle East with Brent North Sea crude exceeding USD 114.50 per barrel. Price of Brent North Sea crude for delivery in November increased to as high as USD 115.59 per barrel. However, it later declined to stand at USD 114.79 which is 29 cents more than that of Tuesday's closing level. New York's main contract light sweet crude for November delivery, jumped to USD 93.66 before falling back to USD 92.59. Mr Fawad Razaqzada analyst of GFT Markets said that "Crude oil is again firmer. Both Brent and WTI look set to push further higher. Judging by the reaction of equities, one can only assume this rally is mostly due to raised supply side concerns arising from the Middle East than anything else. At the moment, supply worries are certainly outweighing demand concerns."

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