Middle East Tensions Send Oil Prices Soaring to $92 per Barrel

Oil prices approached $92 per barrel on August 19 as escalating tensions in the Middle East and diplomatic stalemates between the US and Iran stoked global supply worries.

US President Donald Trump asserted that the US is engaged in no talks with Iran, further fueling concerns over disruptions to oil tanker traffic through the Strait of Hormuz.

Brent crude futures rose 57 cents to $91.59 per barrel, while US West Texas Intermediate crude futures jumped 62 cents to $85.56 a barrel.

Goldman Sachs warned that Brent could spike past $110 if shipping disruptions persist, while JPMorgan estimated every additional month of disruption could add around $7 to $8 a barrel to Brent prices.