Oil Prices Surge on Middle East Supply Concerns Amid Ongoing War Impasse

Oil prices have surged to three-week highs due to concerns over supply disruptions in the Middle East, particularly amid the ongoing war impasse.

The Brent crude futures for October delivery rose by $2.44 (2.7%) to $94.06 a barrel, while US West Texas Intermediate crude futures for September added $1.84 to $87.67 a barrel.

The UAE's decision to suspend all financial and economic transactions with Iran has refocused attention on the strained ties between the major Gulf Arab oil producer and Iran.

Analysts note that tensions in the Middle East remain high, leaving room for further supply disruptions, which could tighten the oil market.