CRUDE OIL PRICES RISE DUE TO U.S. AND IRAN TENSIONS

Crude oil futures rose more than 4% on Wednesday as tensions escalated between the U.S. and Iran, with President Donald Trump expressing doubt that the two countries will reach a nuclear deal. Brent crude futures rose $2.90, or 4.3%, to close at $69.77 a barrel. U.S. West Texas Intermediate crude gained $3.17, or 4.9%, to settle at $68.15. Ongoing tension with Iran means its oil supplies are likely to remain curtailed by sanctions. High crude prices will impact the profitability of OMCs like

and paint industries like as they are dependent on crude for their raw material