Crude Oil Rises to 1-1/2 Month High on Middle East Tensions

The price of crude oil rose for the fourth consecutive day on the New York Mercantile Exchange (NYMEX), reaching its highest level in over a month and a half. The front-month October West Texas Intermediate (WTI) crude contract settled at $91.30 per barrel, up from $90.01 the previous day.

The increase was driven by escalating tensions in the Middle East, particularly between the US and Iran. Israeli Defense Minister Katz warned that Israel would strike Iran's energy infrastructure if it were attacked, adding to concerns about disruptions to oil shipping through the Strait of Hormuz.

However, prices for crude oil dipped slightly after President Trump indicated that the current campaign against Iran would not last 'too long,' sparking speculation that negotiations may be underway to end the conflict. Profit-taking also contributed to the decline in prices.