Brent Crude Rises 1.5% on Escalating Middle East Tensions

Oil prices have continued to rise due to concerns over potential escalation of tensions in the Middle East. As of 09:10 Baku time, Brent crude futures for October delivery were trading at $83.73 per barrel on the ICE Futures exchange in London.

This represents a gain of $1.24, or 1.5%, from the previous close. On August 6, Brent prices surged $3.04, or 3.83%, to settle at $82.49 per barrel.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for September delivery rose $0.95, or 1.23%, to $78.24 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). WTI had gained $2.07, or 2.75%, to close at $77.29 per barrel in the previous session.