Middle East Supply Disruptions Keep Oil Prices Elevated

Oil prices have maintained their upward momentum despite a slight dip on August 21. The ongoing US-Iran conflict continues to disrupt crude supplies from major Middle Eastern producers, including Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait.

The Brent crude futures price fell by 23 cents (0.3%) to $93.55 per barrel, while the U.S. West Texas Intermediate (WTI) crude price declined by 33 cents (0.4%) to $86.50 per barrel, according to Reuters.

However, over the past five trading sessions, Brent has risen by more than 7%, and WTI has gained over 8% in value, with both benchmarks reaching their highest levels since July 24.