Middle East Tensions Fuel Oil Price Surge Amid US Military Buildup
Renewed tensions between the US and Iran in the Middle East have lifted oil prices to their highest levels since the start of the year. The Brent futures contract rose by 4.37% to $102.31 per barrel, while the West Texas Intermediate (WTI) futures contract gained 2.83% to trade at $92.98 per barrel.
US officials have indicated that a third aircraft carrier strike group is being deployed to the region, with approximately 10,000 troops and Marine Corps vessels also on their way. Iranian officials have stated that Tehran is preparing a broader response if the US resumes military strikes, but remains open to diplomatic negotiations.
Australia's trade balance narrowed from AUD 1.351 billion in July to AUD 0.495 billion in August, missing analyst expectations of an expansion to AUD 2.0 billion. The country's trade surplus has been on a downward trajectory over the past five years.