Oil Prices Surge Amid Ongoing Middle East Supply Disruptions

New developments in the Middle East have driven oil prices up to their highest level in over a week, as concerns about supply disruptions persist.

Brent futures rose $1.19, or 1.4 percent, to settle at $88.91 a barrel, while US West Texas Intermediate (WTI) crude rose $1.07, or 1.3 percent, to settle at $83.20, the highest closes for both crude benchmarks since July 31.

The Strait of Hormuz will remain closed as long as the US does not change its behavior and accept Iran's conditions to end the war, according to Mohsen Rezaei, the newly appointed secretary of Iran's Supreme National Security Council.