Oil Prices Soar on Middle East Supply Disruptions

Oil prices have reached their highest level in three weeks due to concerns over supply disruptions from the Middle East, where tensions remain high amid the ongoing war impasse.

The Brent crude futures for October delivery rose $2.44, or 2.7%, to $94.06 a barrel by 0958 GMT, while U.S. West Texas Intermediate crude futures for September added $1.84 to $87.67 a barrel.

This is the fifth consecutive day of gains for both Brent and WTI benchmarks, which hit their highest since July 24.

Analysts point to the UAE's decision to suspend all financial and economic transactions with Iran as a major contributor to the price hike, along with sporadic attacks in the Middle East that lack fresh momentum without a major escalation.