Oil Prices Surge to Three-Week High Amid Middle East Tensions
Oil prices have surged to a three-week high due to ongoing concerns about supply disruptions in the Middle East. Brent crude futures for October delivery rose by $2.44, or 2.7 percent, to $94.06 a barrel on Thursday morning, before dropping back to $93.48 by evening time.
US West Texas Intermediate crude futures for September added $1.84 to $87.67 a barrel, but fell back to $86.47 this evening.
The price hike marks the fifth consecutive session of gains for both Brent and WTI benchmarks, with their highest levels since July 24.
Analysts point to ongoing tensions in the region as a key factor driving oil prices higher. The UAE's decision to suspend financial and economic transactions with Iran has refocused attention on strained relations between major Gulf Arab oil producers and Iran.