Iran Tensions Send Oil Prices Soaring to Near $97 Per Barrel
Oil prices surged on September 7 following a rise in tensions between the United States and Iran, which has led to fears of prolonged supply disruptions from the Middle East.
The Brent crude futures rose by $0.79, or 0.82%, reaching $97.07 per barrel by 05:12 GMT, while U.S. West Texas Intermediate (WTI) crude gained $0.80, or 0.87%, trading at $92.28 per barrel.
The recent spike in oil prices coincided with a resumption of military strikes between the two countries and a reduction in oil flows through the Strait of Hormuz, a critical transit route that handles one-fifth of the global oil supply.
Data from Kpler indicates that an average of only 10 commercial cargo vessels per day traversed the Strait of Hormuz over the past 10 days, marking the lowest daily traffic volume since May this year.