Middle East Tensions Drive Oil Prices Higher for Fourth Straight Day
Oil prices continued to be driven by Middle East tensions on Thursday, with West Texas Intermediate crude rising for its fourth consecutive session. WTI futures for October delivery settled up 0.32 percent at $91.30 a barrel on the New York Mercantile Exchange.
Brent crude futures for November delivery on the London ICE Futures Exchange closed down 0.12 percent at $95.52 a barrel, after briefly topping $97 a barrel during intraday trading.
The ongoing military tensions in the Middle East have exerted upward pressure on global oil prices, with US Vice President JD Vance stating that Washington would not engage in talks with Iran unless Tehran halted its attacks on merchant vessels.
Iran launched missiles and drones at Kuwait, while Russian President Vladimir Putin signaled openness to peace talks with Ukraine, raising expectations that uncertainty over Russian oil supply could ease.