Brent Tops $99, WTI Nears $94 as Middle East Conflict Escalates
Summary
- Military tensions in the Middle East have pushed international oil prices close to $100 a barrel.
- Brent crude futures traded at $99.25 a barrel, while West Texas Intermediate futures changed hands at $93.91.
- Armed conflict involving key Middle East oil producers is fueling concern over crude supply disruptions.
Forecast Trend Report by Period
International oil prices moved closer to $100 a barrel as military tensions in the Middle East escalated again.
On September 8, Brent crude futures on ICE Futures Europe in London rose more than 2% from the previous session to $99.25 a barrel, industry sources said. West Texas Intermediate futures also climbed 2.6% to $93.91.
Iran-backed Houthi rebels in Yemen said they had attacked refining facilities and air bases belonging to Saudi Aramco, Saudi Arabia’s state-owned oil company. The strikes were seen as retaliation for recent air raids by the Saudi-led coalition on key areas of Yemen.
Clashes between the US and Iran have also continued. After Iran’s Islamic Revolutionary Guard Corps fired a ballistic missile at a US Navy warship on September 6, US forces struck three Iranian oil transport vessels. The IRGC later said it had also attacked tankers and other vessels linked to the US.
The continuing conflict surrounding major Middle East oil producers is heightening concerns over potential disruptions to crude supply.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.