Oil Prices Surge Amid Escalating Middle East Tensions

Oil prices continued to climb on September 8 as concerns over supply disruptions rose due to escalating tensions in the Middle East. Brent crude futures reached their highest level since July 24, rising by 34 cents or 0.35% to $97.34 a barrel.

The increased risk of conflict was triggered by Iran's threat to retaliate against any new US attacks on its assets, heightening worries over supply disruption through the Strait of Hormuz, a key artery for global crude shipments.

Meanwhile, gold prices remained steady near $4,400 an ounce as traders weighed the impact of geopolitical tensions against a weaker US dollar. The dollar index was a touch weaker at 98.83 amid yen strength.