Brent Crude Surges Above $108 as Oil Prices Soar Amid Iran Tensions
Oil prices surged on Thursday, with Brent crude briefly crossing $108 per barrel for the first time since May. The price settled at $107.63 per barrel, up 6.3 percent for the session. West Texas Intermediate (WTI) crude also climbed above $102 per barrel, closing at $102.48 per barrel and gaining 6.7 percent.
The increase in oil prices comes amid continued tensions involving Iran and uncertainty over global crude supplies. US President Donald Trump said he was not seeking a deal with Iran, while concerns over crude availability have increased as the conflict continues.
The conflict has led to reduced oil production from key players, including Saudi Arabia, which informed OPEC that its crude oil production fell in August to its lowest level since 1990. This reduction is likely to exacerbate global supply shortages and drive up prices further.