Commodities
US Crude Jumps Above $100 as Middle East Tensions Escalate
U.S. crude oil futures surpassed $100 per barrel on Thursday for the first time since May, as escalating attacks in the Middle East raised concerns about energy supply from the region.
The front-month Nymex crude CL1! for October delivery surged 6.7% to $102.48/bbl, an eighth consecutive daily gain for its longest winning streak in three years. Brent crude UKOIL for November rallied 6.3% to $107.63/bbl.
The U.S. and Iran appear to be digging in for a protracted conflict, with little sign of a near-term ceasefire or return to normal Middle East energy flows. Iranian forces have launched missiles at U.S. warships multiple times this past week, targeting the U.S. Navy directly.