Crude Oil Prices Soar on Fears of Prolonged US-Iran Conflict

Crude oil prices surged on Wednesday to a 3.5-month high due to fears that the US-Iran conflict will persist, reducing energy exports from the Middle East and tightening global oil supplies.

The price of October WTI crude oil (CLV26) rose by +5.67% (+5.90%) on the day, while October RBOB gasoline (RBV26) gained +0.1572% (+4.90%).

Iran's readiness for a more intense war and its vow to escalate counterstrikes if the US continues attacking its territory and infrastructure are driving up crude prices.

Saudi Arabia's reduced oil production, down to 6.238 million bpd in August - its lowest since 1990 - is also contributing to the increase in crude prices.