Middle East Tensions Drive Oil Prices to Three-Week High

Oil prices surged to a three-week high on Thursday, driven by concerns over supply disruptions in the Middle East due to ongoing tensions and the Iran war impasse.

The Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 a barrel, while US West Texas Intermediate crude futures for September added 92 cents to $86.75 a barrel. The more-active October WTI contract was up $1.13, or 1.3%, to $85.52.

Tensions in the region remain high, leaving room for further supply disruptions, according to UBS analyst Giovanni Staunovo. He noted that 'Lower oil exports from the Middle East are once again tightening the oil market.'