Middle East Tensions Send Oil Prices Soaring

Oil prices surged for the third consecutive session as tensions in the Middle East escalated. Iran announced a more aggressive military strategy, adding to supply chain worries amidst stalled efforts for a permanent war solution and the U.S.'s refusal to extend a temporary ceasefire.

Brent crude reached $91.76 a barrel, its highest since late July, while the U.S. West Texas Intermediate crude also gained, reaching $85.55, its highest since the end of July.

The unresolved situation at the Strait of Hormuz and missile attacks further threaten oil supply stability.