Prospects Of a Ceasefire Between The U.S. And Iran Remain Dim. Oil Continues To Soar

Oil prices continue to rise as prospects of a ceasefire between the U.S. and Iran remain dim. (Credit: Mario Tama/Getty Images)

Oil prices continue to rise on Wednesday as prospects of a ceasefire between the U.S. and Iran remain dim.

Brent crude, the international benchmark, gained 3.61% and clocked in at $94.30 per barrel at 8:23 a.m. ET, while West Texas Intermediate, the U.S. benchmark, jumped 3.15% and stood at $87 per barrel at the same time.