International Oil Prices Jump Intraday as WTI Tops $93, Brent Breaks Above $98
Summary
- International oil prices rose sharply in intraday trading, pushing WTI above $93 and Brent above $98.
- WTI climbed 2% intraday to $93.31 a barrel, while Brent gained 1% to $98.07.
- Oil transit through the Strait of Hormuz has fallen about 60% from prewar levels, fueling concerns over supply disruptions and the risk of prolonged tensions.
Forecast Trend Report by Period
International oil prices rose sharply in intraday trading, with West Texas Intermediate topping $93 a barrel and Brent crude moving above $98.
Crypto-focused media outlet BlockBeats reported on September 8 that WTI climbed 2% intraday to $93.31 a barrel. Brent also gained 1% to as high as $98.07.
Concerns over oil supply disruptions have persisted as the U.S. and Iran continue their military standoff over the Strait of Hormuz. Oil transit through the strait has recently fallen about 60% from prewar levels, according to the report.
The U.S. is asking allies to support operations to protect the Strait of Hormuz, while Iran is asserting control over the waterway and warning countries participating militarily, raising the possibility that tensions could persist for an extended period.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.