Commodities
Middle East Tensions Drive Oil Prices Higher for Fifth Straight Session
Oil prices rose on Thursday due to concerns over supply disruptions in the Middle East. Brent crude futures for October delivery increased by 26 cents, or 0.28%, to $91.87 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for September added 17 cents to $86 a barrel.
The WTI contract for October gained 12 cents, or 0.13%, to $89.91. This marks the fifth consecutive session of gains for both Brent and WTI benchmarks.
Analyst Hiroyuki Kikukawa from Nissan Securities Investment believes that the market will maintain a gradual upward trend due to uncertainty over peace talks and tensions involving the United Arab Emirates, Oman, and Iran.