Commodities
Oil Prices Soar on Middle East Supply Concerns
Oil prices rose to their highest levels in over three weeks on Thursday due to concerns about supply disruptions from the Middle East, particularly Iran. Brent crude futures for October delivery gained $2.19, or 2.39%, to reach $93.81 a barrel at 1257 GMT.
The US West Texas Intermediate (WTI) crude futures for September rose by $2.33 to $88.16 a barrel, while the more-active October WTI contract advanced by $2.44, or 2.89%, to $86.83. The Brent and WTI prices were at their highest levels since July 24.
UBS analyst Giovanni Staunovo said that tensions in the Middle East remain high, leaving room for further supply disruptions. Lower oil exports from the region are tightening the market, he added.