Middle East Tensions Send Brent Crude Prices Soaring

Brent crude futures surged to a three-week high on Thursday due to escalating concerns over Middle East tensions and potential disruptions in global oil supplies.

The price of Brent crude for October delivery climbed $1.20, reaching $92.82 per barrel, while the US West Texas Intermediate (WTI) crude futures for September added 92 cents to settle at $86.75 a barrel.

Analysts from UBS noted that tensions in the Middle East remain high, leaving room for further supply disruptions, and that lower oil exports from the region are tightening the market.