Oil Prices Hold Near Multi-Year Highs Amid Ongoing Middle East Uncertainty

Oil prices have been holding near multi-year highs due to ongoing uncertainty in Middle Eastern supply. According to UOB Global Economics & Markets Research, WTI crude settled at $90.42 per barrel on Wednesday, while Brent settled at $103.53 per barrel. This marks a strong year-to-date gain for both oil benchmarks.

The reported increase in Middle East crude flows is nearing pre-war levels, but fuel supplies, particularly gasoline, have lagged behind the crude recovery. Despite this, WTI and Brent continue to sustain elevated levels, with WTI up 1.2% and Brent up 0.9% on Wednesday.

The turbulent third quarter came to a close on Wednesday, with the S&P 500 falling 0.25% to 7,651.54 and the Dow Jones Industrial Average dropping 0.86% to 50,906.05.