Middle East Tensions Send Oil Prices Soaring

Crude oil prices surged on September 24, rising by about four percent due to ongoing tensions in the Middle East. Brent futures gained US$4.10 to $107.18 a barrel, while U.S. West Texas Intermediate crude rose $3.66 to $95.82.

The increase came as Saudi Arabia intercepted six ballistic missiles launched by Yemen's Iran-backed Houthis, preventing attacks on the southern province of Taif and the Yanbu area on the Red Sea.

Diplomatic efforts to end the U.S.-Iran war remain at an impasse, with a senior Iranian official stating that the two countries are still far apart on how to end the conflict. Iran's president told the U.N. General Assembly that Tehran would never surrender to U.S. pressure.