Commodities
Middle East Tensions Send Oil Prices Soaring to Near Four-Month High
Crude oil benchmarks rose on Thursday as tensions in the Middle East intensified, prompting concerns about global oil supply. Brent settled near $108 a barrel, while West Texas Intermediate surpassed $104.
The increase came amid escalating hostilities, including US strikes targeting Iranian oil tankers and Houthi attacks on Saudi energy infrastructure that forced some operations to shut down.
Rebecca Babin, senior energy trader at CIBC Private Wealth Group, stated additional attacks on fuel tankers and continued rhetoric indicate a prolonged conflict. While traders remain skeptical about the rally, they are pushing out expectations for a quick return to normal regional energy shipments.