Commodities
NY Crude Oil Surges Past $105 Amid Saudi Supply Disruption Fears
Crude oil futures surged on the New York Mercantile Exchange to their highest level in four months, reaching $105.83 per barrel as concerns about Middle Eastern supply disruptions grew.
The West Texas Intermediate (WTI) October contract rose by $4.44 from the previous session, with some prices even pushing into the upper $106 range.
Market participants believe that pipeline restoration in Saudi Arabia will take considerable time, potentially three to five weeks or more, which has intensified supply anxieties.