Oil Prices Surpass $90 as Geopolitics and Inventories Drive Market Volatility
International oil prices have surpassed $90 per barrel as gold and silver strengthen in tandem. On September 2, WTI crude oil futures for October delivery rose by $0.79 to settle at $91.01 per barrel, while Brent crude oil futures for November delivery increased by $0.98 to close at $95.63 per barrel.
The recent strengthening of international oil prices is linked to changes in the situation in the Middle East following a new round of U.S. military strikes against Iran on September 1. This heightened supply-side uncertainty has contributed to the price increase.
Declining U.S. inventories also provide fundamental support for oil prices, with data from the U.S. Energy Information Administration showing that U.S. crude oil inventories fell by 4.45 million barrels last week.