Jim Urquhart/Reuters
- US crude oil prices hit their highest mark of the year on Wednesday.
- West Texas Intermediate crude oil moved 3.62% higher to $93.64 a barrel.
- Prices have been climbing since this summer when OPEC+ slashed global oil supply.
The price of US oil surged to a new 2023 high on Wednesday, with West Texas Intermediate crude up more than 3.4% to trade at $93.75 just before noon in New York.
This week marks the latest surge in what's been a months-long rally for oil prices that kicked off this summer when OPEC+ slashed output.
Brent crude, the international benchmark, topped $96 a barrel, rising 2.5% as prices continue their ascent toward the closely watched $100 threshold.