Oil Prices Climb Amid Middle East Supply Disruptions

Oil prices continued their upward trend on Thursday due to concerns over supply disruptions from the Middle East amid an impasse in the US-Israeli conflict against Iran. Brent crude futures for October delivery rose by 26 cents, or 0.28%, to $91.87 a barrel.

The more-active October WTI contract gained 12 cents, or 0.13%, to $89.91. U.S. West Texas Intermediate crude futures for September added 17 cents to $86 a barrel.

According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, 'Oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation.'