Crude oil futures end higher amid rising US-Iran tensions

Crude oil futures closed higher on Wednesday with the U.S. serving an ultimatum to Iran to negotiate over its nuclear program and Iran rejecting any talks under threat even while a massive U.S. armada is nearing the Middle East. U.S. President Donald Trump announced that a massive Armada is heading towards Iran. Trump suggested that Iran should begin negotiations regarding its nuclear program and warned that if Iran fails to do so, a U.S. attack this time will be far worse than 2025 strikes. Amid rising war threats, production-and-supply concerns have also increased, lifting oil prices.

Benchmark crude oil futures for March delivery rose $0.82 or 1.31% to settle at $63.21 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $0.83 or 1.23% to settle at $68.40 a barrel on London's Intercontinental Exchange.