Commodities
Oil Prices Soar Amid Middle East Supply Concerns
Oil prices continued their upward trend on September 4, with Brent crude futures rising by 15 cents or 0.2% to $95.67 a barrel and US West Texas Intermediate crude futures increasing by 26 cents or 0.3% to $91.56.
The gains were largely driven by concerns over supply risks in the Middle East, as tensions between the US and Iran remain high. This has led to fears of potential disruptions to oil supplies, pushing prices upwards.
On a weekly basis, Brent crude is up 7.1% while WTI is 9.8% higher, marking their strongest gains since mid-July.
Gold, on the other hand, held steady at $4,477.10 per ounce as traders await US payrolls data for clues on the Federal Reserve's next interest rate decision.