(Reuters) – Oil prices settled at their highest since 11th ​June on Wednesday on mounting supply concerns as hostilities continued to escalate between the U.S. and Iran, while threats to by the Iran-backed Houthi militia in Yemen further boosted prices.

Brent crude futures settled up $3.06, or 3.36%, at $94.07 a barrel, their highest in just shy of six weeks, after hitting a session high of $95.47.

The Brent crude three-month timespread, meanwhile, expanded to $9.26 a barrel, its widest since 22nd May , deepening backwardation ​on mounting supply risks. Backwardation is where prompt crude trades above later-dated barrels, typically signalling tighter near-term supply.