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Commodities

Crude Oil Prices Soar to Highest Level Since May Amid US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Crude oil futures surged to their highest level since May 22 as tensions between the US and Iran escalated.

The West Texas Intermediate (WTI) for October delivery rose by 3.25% to settle at $96.05 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 3.36% to reach $101.21 a barrel on the London ICE Futures Exchange.

The US Energy Information Administration (EIA) revised its oil price forecasts upward for both this and next year, citing the ongoing conflict in Iran as a key factor.

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