US-Iran Tensions Send Oil Prices Soaring to $96
Oil prices surged to $96 on Wednesday as tensions between the US and Iran escalated following recent strikes on Iranian targets. The price of November Brent crude futures rose by 0.92% to $95.52 per barrel, while October US West Texas Intermediate (WTI) advanced 0.6% to $90.76 per barrel.
The increase in oil prices is attributed to the ongoing conflict between the two nations, which has raised concerns about the stability of global energy supplies. Despite this, oil exports continue to flow through the Strait of Hormuz, a key waterway for international trade.
US President Donald Trump dismissed efforts to negotiate with Tehran, stating that the US holds the upper hand due to its control of the Hormuz Strait and Iran's 'totally collapsing' economy. In response to recent American strikes, Iran has reportedly launched drone and missile barrages targeting Kuwait, Jordan, and Bahrain.
ADNOC has resumed full operations at its Ruwais refinery after earlier war-related damage, providing some relief amid fears over potential disruptions to energy supplies.