Middle East Tensions Send Oil Prices Soaring

Oil prices are on track to post weekly gains of more than 8% as concerns over supply disruptions in the Middle East continue to rise. The International benchmark Brent crude futures for November delivery traded at $104.09 per barrel, up 8.1% from last Friday's close of $96.28. US benchmark West Texas Intermediate (WTI) crude futures for October delivery stood at $99.20 per barrel, representing an increase of around 8.4% from $91.48 a week earlier.

The recent surge in oil prices can be attributed to renewed tensions between the US and Iran, which have heightened concerns over shipments through the Strait of Hormuz. Additionally, seven OPEC+ countries decided to keep their October production targets unchanged following approval of a combined production increase of 188,000 barrels per day for September.

Saudi Arabia's Energy Ministry reported attacks on energy facilities in the country's south on Tuesday, with fires breaking out in some areas. Iranian officials also issued fresh warnings during the week, further raising tensions in the region.