Middle East Tensions Drive Oil Prices Higher
New York crude oil futures continued their winning streak to a seventh consecutive session on September 9, driven by concerns over potential disruptions to energy supply chains amid escalating tensions in the Middle East.
The front-month West Texas Intermediate (WTI) crude for October delivery settled at $96.05 per barrel, a 3.2% increase from the previous day's close, after touching an intraday high of $96.82, the highest level since early June.
Brent crude, the international benchmark, also rose to its highest point in late July, briefly topping $100 at $100.46 per barrel.
Market analysts attribute the price surge to supply concerns arising from recent military conflicts in the Middle East, including the U.S. Central Command's destruction of five Iranian tankers near Kharg Island and Iran's retaliatory attacks on vessels near the Strait of Hormuz.