Oil Prices Surge Amid Escalating Tensions in the Middle East

Crude oil prices rose sharply on September 15 amid escalating tensions in the Middle East. The US and Iran's recent attacks have created uncertainty about supply disruptions, supporting crude oil prices at high levels.

Analysts at ING Bank believe that the situation will continue to affect markets until the extent of the damage caused by the attacks becomes clear, Reuters reported.

The Ukrainian President Volodymyr Zelensky expressed readiness to support a US proposal for a ceasefire between Russia and Ukraine regarding energy facilities, provided Washington could guarantee Moscow's genuine readiness to end its war on Ukraine.

The US crude oil inventory report from the American Petroleum Institute is expected later today, before the official data from the US Energy Information Administration is released tomorrow.