Oil Prices Surge Amid Ongoing Middle East Tensions
Oil prices continued their upward trend on Thursday, driven by concerns over regional stability and energy flows in the Middle East. The prolonged U.S.-Iran conflict has raised fresh worries about disruptions to global energy supplies, with Brent crude futures rising 26 cents to $91.87 a barrel.
The market remains on edge, with both Brent and WTI crude benchmarks heading for a fifth consecutive session of gains. The more-active October contract rose 12 cents to $89.91, while the September WTI contract gained 17 cents.
According to Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, 'the market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions involving the United Arab Emirates, Oman, and Iran.'