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Commodities

Crude Oil Prices Soar on Global Supply Worries and Ongoing US-Iran Conflict

Guavy AI Editorial Team
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Oil
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Crude oil prices surged to a three-and-a-half-month high on Thursday as concerns over global supply grew. The October WTI crude oil (CLV26) closed up +6.43 (+6.69%) and October RBOB gasoline (RBV26) closed up +0.1826 (+5.69%).

The prices are rallying amid fears that the US-Iran war will persist, reducing Middle East energy exports and tightening global oil supplies.

Saudi Arabia told OPEC its crude production in August fell to 6.238 million bpd, the lowest since 1990.

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