Middle East Tensions Fuel Oil Price Surge

Oil prices continued to rise on September 7th as concerns over supply disruptions in the Middle East intensified.

The US and Iran have been exchanging attacks, leading to a decline in oil flows. This has caused Brent crude futures to surge 52 cents, or 0.54 percent, to $96.80 per barrel, while US West Texas Intermediate crude gained 66 cents, or 0.72 percent, to $92.14 per barrel.

Brent had already surged 7.8 percent last week, and WTI climbed about 10 percent after the US and Iran resumed their attacks.

Marisks, a marine intelligence firm, reported that commercial tankers are being used as instruments of mutual economic pressure, eroding the distinction between military confrontation and commercial shipping.