US-Iran Conflict Drives Oil Prices Above $100 Per Barrel
Oil prices have surged amid escalating tensions between the United States and Iran. The conflict has led to concerns over disruptions to crude oil supplies, causing international prices to rise.
On September 10, West Texas Intermediate (WTI) futures on the New York Mercantile Exchange reached $100.13 per barrel for October delivery, a 4.3% increase from the previous session. Meanwhile, November delivery futures for Brent crude, the global benchmark, traded at $105.38 per barrel on London's ICE Futures Exchange, up 4.1% from the previous session.
The conflict between the US and Iran has been ongoing since September, with US airstrikes and Iranian retaliatory attacks continuing to cause damage, including the sinking of oil tankers in the Strait of Hormuz. A report by the Wall Street Journal stated that close aides to President Donald Trump remarked that the war could continue until the end of his presidential term.