Oil prices up 1% to near 3-week high

Crude futures rose over 1% on Wednesday, hovering near a three-week peak touched earlier in the session. The Express Tribune reported that traders grew uneasy about Middle East tensions after the United Arab Emirates said it had severed all financial and economic dealings with Iran.

Brent contracts added $1.17, close to 1.3%, to reach $92.21 by 1741 GMT, while US WTI climbed $1.51, or 1.8%, to $86.45 a barrel. Traffic in the Strait of Hormuz stayed sluggish, according to the data, as most ship operators avoided the route amid no clear word on when the blockade would be lifted.

Dennis Kissler, senior vice president of trading at BOK Financial, said that Middle East geopolitical strains continue to support crude. He pointed to the UAE's move to cut financial ties with Iran following the recent missile strikes.