Middle East Tensions Fuel Oil Price Spike

Oil prices rose on Thursday as tensions in the Middle East escalated and supply concerns grew.

The US is sending a third aircraft carrier strike group and up to 10,000 extra troops to the region, according to The Wall Street Journal.

This move has heightened risks to shipping through the Strait of Hormuz, which is a critical oil trade route.

The West Texas Intermediate (WTI) for November delivery rose by $2.45 per barrel, or 2.71%, to settle at $92.87 on the New York Mercantile Exchange.