Commodities
Oil Prices Climb as US-Iran Tensions Escalate
Crude oil prices continued their climb for a third straight day as tensions between the US and Iran remain high. The prolonged conflict has disrupted energy flows from the Middle East, causing Brent crude futures to rise by 27 cents or 0.3% to $91.14 per barrel.
US West Texas Intermediate (WTI) crude futures gained 42 cents to $85.04 a barrel, their strongest level since July 31. The prolonged war has seen oil prices climb nearly 50% this year, with energy supplies remaining a concern.
The US government has signaled that it is in no rush to bring the conflict to an end, with Energy Secretary Chris Wright stating that the country is taking a long-term approach in dealing with Iran.