Oil Prices Rise on Ongoing Uncertainty Over US-Israeli Conflict
Global oil prices have continued their upward trend due to ongoing uncertainty surrounding the US-Israeli conflict with Iran, causing concerns about potential disruptions to crude supplies from the Middle East.
According to market analysts, oil prices are being supported by this uncertainty rather than a major escalation in the conflict. 'Oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation,' said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.
The price of Brent crude futures for October delivery increased by 26 cents, or 0.28%, to $91.87 a barrel, while US West Texas Intermediate (WTI) crude for September delivery gained 17 cents to reach $86 a barrel.
The Strait of Hormuz remains a key concern for energy markets, as the waterway is a critical route for international oil shipments and any prolonged disruption could significantly tighten global supplies.