Brent Jumps 14% as Middle East Tensions Escalate

Oil prices rose for September, with Brent jumping 14% as tensions in the Middle East continue to escalate. The global benchmark Brent crude futures expiring in November climbed 0.9% to settle at $103.50 a barrel.

The gain marked a 14.4% increase for the month, driven by supply disruption fears and the ongoing conflict between Iran-backed Houthis and Saudi Arabia-backed government in Yemen.

Despite concerns about supply disruptions, Middle East exports have recovered impressively, with Saudi Arabia ramping up its east coast exports and using ship-to-ship transfers to make up for the loss of operations on the East-West Pipeline. The pipeline has been restored, and flows are now at around half their capacity.

President Donald Trump claimed that the US had 'almost total control' of the Strait of Hormuz, saying that more oil had flowed through it than ever before in history.