Oil Prices Soar Amid Escalating Middle East Tensions
Oil prices continue to rise on global markets as tensions in the Middle East escalate. According to Interfax-Ukraine, October Brent crude futures on the London-based ICE Futures exchange are trading at $83.73 per barrel, a 1.5% increase from the previous session.
The price of September WTI crude oil futures on the New York Mercantile Exchange (NYMEX) electronic trading platform rose by 1.23% to $78.24 per barrel. The increase comes as Iran and Oman discuss an agreement on joint control of the Strait of Hormuz, with Tehran demanding a ban on maritime passage for vessels from hostile countries.
Vandana Hari, founder of Vanda Insights, notes that 'signs of an agreement between Iran and Oman have caused sharp fluctuations this week, but so far we don’t know what needs to happen for the agreement to be finalized.'