Commodities
Crude Oil Prices Reach Three-Month High as Middle East Tensions Escalate
New York crude oil futures rose for the sixth consecutive session on September 8, reaching a three-month high of $93.03 per barrel due to escalating tensions in the Middle East and concerns over energy supply.
The rally was driven by attacks on Saudi Arabia carried out by Yemen's Iran-backed Houthi rebel group, which triggered a fire at an energy facility and forced a partial shutdown of operations.
Brent crude futures also rose 2.3% to trade at $99.22 per barrel, with some market participants anticipating another test of the psychologically important $100 level.