Commodities
Oil Prices Surge on Middle East Supply Disruptions
Oil prices surged on Thursday due to concerns over Middle East supply disruptions amid an impasse in the US-Iran conflict.
The Brent crude futures for October delivery rose by 35 cents, or 0.38%, to $91.97 a barrel, while U.S. West Texas Intermediate crude futures for September added 17 cents to $86.00 a barrel. The more-active October WTI contract was up 38 cents, or 0.45%, to $84.77.
The market is supported by sporadic attacks in the Middle East, but lacks fresh momentum without a major escalation, according to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.
The UAE's decision to suspend all financial and economic transactions with Iran has refocused attention on strained ties between the two nations.